What Small and Large Bitcoin Investors Did During BTC’s Price Surge to $38K: Data
Bitcoin is currently near its peak levels in the past 18 months, surpassing both its bear market trading range and important resistance levels. However, there was a recent correction of over 3% that pushed the asset below $36,000 earlier today.
During this market-wide surge, there have been significant fluctuations in Bitcoin’s wallets in the past few weeks, contributing to the volatility of the market. An interesting trend has emerged regarding Bitcoin wallet addresses.
- According to the latest analysis from crypto analytic firm Santiment, numerous new smaller wallets holding less than 1 BTC have appeared on the network.
- Data suggests that over 1.5 million wallets of this cohort have emerged in the past month.
- During the same period, the 1-100 tier has stabilized, and there may be some profit-taking activity within the 100+ BTC tier.
- Bitcoin wallets holding 1-100 BTC have lost 18 addresses in the past month alone. On the other hand, the 100+ BTC cohort has seen a reduction of 19 wallet addresses.
- Data also suggests that 80% of Bitcoin addresses are currently profitable. This increase in profitable Bitcoin addresses may motivate holders to consider divesting their funds and take advantage of the market conditions.
- While the profitability aspect could impact market dynamics and influence trading decisions among Bitcoin holders, the on-chain metrics remain bullish.
- Bitcoin transaction count, for instance, was hovering near the recently established high of 703k, according to Bitinfocharts.
- Meanwhile, the average Bitcoin transaction fee has spiked again to $18.67, a level last seen earlier in May this year during the Ordinals frenzy.