Bitcoin Whales Hesitant to Short Positions Despite ATH Update
Date: 2024-03-10 Author: Dima Zakharov Categories: BLOCKCHAIN
Bitcoin Whales Maintain Long Positions
Bitcoin, the leading digital asset, has surged to new heights, reaching an ATH of $70,200. However, even with this remarkable uptrend, significant investors are refraining from closing positions and betting against the cryptocurrency. The number of addresses holding over 1000 BTC has exceeded 2100, slightly below historical highs of 2489 addresses, recorded earlier in 2021 when Bitcoin was trading above $46,000.
Spot Bitcoin ETF Successes Driving Momentum
Industry experts attribute this dynamic to the success of spot Bitcoin ETFs. As of March 4th, trading volumes for this instrument surpassed $52 billion. According to Glassnode specialists, large investors continue to withdraw coins from centralized platforms, significantly reducing Bitcoin's market supply. This reduction, coupled with sustained high demand, could further boost the cryptocurrency's value.
Projected Targets and Continued Investor Interest
Glassnode analysts suggest Bitcoin's next target could be $92,500. Meanwhile, spot Bitcoin ETFs continue to attract investor funds. For instance, on March 5th, BlackRock's fund attracted over $780 million in just one day.
Bitcoin Maintains Bullish Trend
Currently, Bitcoin remains within a confident bullish trend, trading around $68,226, marking a 1.5% increase over the past day. Trading volumes in the last 24 hours amounted to $37.2 billion, with Bitcoin's total market capitalization estimated at $1.34 trillion.
Significant Trading Volume Surge
Notably, on March 6th, total trading volumes on centralized platforms exceeded $97 billion, significantly surpassing the February low of $24 billion. This surge indicates a robust market activity, reflecting ongoing investor interest in Bitcoin.
