Bitcoin Trades at $69,600 as Whales Continue to Accumulate

Bitcoin whales have amassed significant amounts of BTC in recent days. Holder profits are on the rise, while miner revenues have declined.

Azcnews Bitcoin Trades At $69,600 As Whales Continue To Accumulate

Bitcoin experienced a correction over the weekend and is currently trading at $69,600. In recent days, Bitcoin [BTC] has seen a surge in whale accumulation. Despite the price being close to its recent all-time high, many large investors remain confident in the leading cryptocurrency.

Bitcoin: Major Players Investing

The growing appetite of whales indicates high expectations that BTC will surpass its current price level. The trend is similar among retail investors, who have also shown increased interest in BTC over the past few days.

Vivek Crypto
Vivek Crypto

The number of addresses holding between 0.01 and 1 BTC has significantly risen. This combined momentum from both whales and retail investors could help BTC break through previously established levels.

Santiment

However, as BTC’s price rises, so does the MVRV ratio. Data from Santiment reveals that the MVRV ratio for BTC holders has increased considerably. This indicates that most holders are currently in profit. Consequently, their motivation to sell has also risen, which could add selling pressure to Bitcoin.

Mvrv Ratio
Mvrv Ratio

Additionally, the Bitcoin Long/Short ratio has decreased. This suggests an increase in the number of new addresses holding BTC, while the proportion of long-term holders has declined. Short-term holders are more likely to sell their shares amidst price volatility and uncertainty.

Decline in Mining Revenue

Miners Revenue
Miners Revenue

Another factor that could impact BTC’s status is the activity of mining companies. Over the past few days, revenue earned by miners has dropped from $53.48 million to $48 million. If this trend continues, miners may need to sell their holdings to maintain profitability, potentially adding more selling pressure on BTC and driving prices further down.

Related: Why Did the Cryptocurrency Market Plunge Over the Weekend?

ETF Interest Could Mitigate Selling Pressure

What might alleviate the selling pressure on BTC is the interest in Bitcoin ETFs. Since May 31st, ETF inflows have been exceptionally strong. If interest in BTC continues to grow at this pace and more institutional investors keep purchasing BTC, we might see increased price volatility and potential upward movements in the future.

Love

0.0/5

Love
  1. Avatar of
    Anonymous

    暴跌吧

Comments are closed.

Latest

Cardi B Accused Of Fraud After Promoting Controversial $wap Memecoin

News | Editor Choice | Memecoin

Cardi B Accused of Fraud After Promoting Controversial $WAP Memecoin

Rapper Cardi B is facing intense criticism after promoting the controversial memecoin $WAP, amid allegations of fraud and market manipulation in the crypto space.

South Korea Elects Pro Crypto President Lee Jae Myung

News | Editor Choice | Policy & Regulations

South Korea Elects Pro-Crypto President Lee Jae-myung

Lee Jae-myung’s victory in South Korea’s presidential election marks not only a major political shift but also raises new hopes for the cryptocurrency industry, thanks to his strong pro-crypto commitments.

How To Participate In The Trump Wallet Airdrop

Airdrops | Editor Choice

How to Participate in the Trump Wallet Airdrop

Join the Trump Wallet airdrop, a cryptocurrency wallet provided by Magic Eden, which is airdropping 1 million TRUMP tokens to participants.

Donald Trump’s Company Files To Launch Spot Bitcoin Etf

News | Bitcoin | Editor Choice

Donald Trump’s Company Files to Launch Spot Bitcoin ETF

Truth Social, Donald Trump's social media platform, has made headlines by filing to launch a spot Bitcoin ETF, marking a bold move into the digital finance space as the crypto market heats up again.

Team Continues To Deposit $trump Into Exchanges

Memecoin | Editor Choice

Team continues to deposit $TRUMP into exchanges

This morning, a wallet allegedly belonging to the development team of the memecoin $TRUMP deposited 4.17 million $TRUMP tokens, equivalent to $46.97 million USD, onto major exchanges.