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.
In a recent interview, cryptocurrency analyst Michaël van de Poppe shared his outlook on Bitcoin’s resurgence, hinting that the leading cryptocurrency could surge to $1 million per coin in the coming years.
To say the least, it has been one hell of a week for Bitcoin and the cryptocurrency market as a whole.
Bitcoin’s political importance is expected to grow significantly after Donald Trump and the Republican Party secured key election victories, according to the New York Digital Investment Group (NYDIG).
Jason Calacanis, a well-known American angel investor, recently shared his thoughts on Bitcoin’s future, suggesting that while a total collapse to zero is still technically possible, the likelihood is now under 5%.