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Bitcoin Whales Scoop Up $10 Billion in BTC While Short-Term Holders Face Pressure

10.09.2024 9:30 1 min. read Alexander Stefanov
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Bitcoin Whales Scoop Up $10 Billion in BTC While Short-Term Holders Face Pressure

New data from IntoTheBlock shows that major Bitcoin (BTC) investors have accumulated over $10 billion in the cryptocurrency over the past six months.

According to the report, large investors holding between 100 and 1,000 BTC have been adding to their holdings despite recent price drops.

These addresses now control 20.3% of the total Bitcoin supply, an increase from 3.82 million BTC to 4.01 million BTC, marking a 5% rise.

During this period, these large holders have added 190,000 BTC to their reserves. However, IntoTheBlock warns that short-term holders, or those who have held BTC for less than 155 days, might be prone to selling if the market declines further.

While 78% of all Bitcoin addresses are currently profitable, those who purchased Bitcoin at higher prices—between $47,000 and $64,000—might face selling pressure, with only 27.6% of these addresses in profit.

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.

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