Bitcoin market analysis: increase in savings of large holders and price dynamics
Date: 2024-05-21 Author: Henry Casey Categories: BUSINESS
Investment researchers from IntoTheBlock have shared the latest data on the state of the Bitcoin market, highlighting a number of important trends and factors influencing the price of the cryptocurrency.
Increase in savings of large BTC holders
According to the latest report from IntoTheBlock, the amount of BTC in wallet balances containing more than 1,000 coins increased by 250 thousand after the launch of spot ETFs in the US. This means that large holders are actively increasing their positions, which may signal increased interest in Bitcoin among major market players.
Dynamics of commissions and network addresses
Interestingly, while the savings of large holders are growing, fees on the Bitcoin network have fallen to a three-month low. This is a restoration of the momentum that was disrupted by the launch of the Runes standard on the day of the BTC halving. At the same time, the number of new addresses on the network has reached a six-year low, raising concerns and questions about the state and future development of the Bitcoin ecosystem.
Pressure on prices and growth prospects
There is also an analysis of the impact of the activity of large holders on price dynamics. It is believed that a significant number of investors remain in a losing position, which could put pressure on the market and make it difficult for Bitcoin's price to rise further. Despite this, analysts are discussing the problem of reaching $65,000 and analyzing the price ranges in which significant cryptocurrency purchases occurred.
Bitcoin market analysis highlights the complexity of the current situation and the uncertainty in the long term. However, it also allows investors and traders to better understand the fundamental factors influencing the price of a cryptocurrency and make informed decisions based on the available information.
