Bitcoin has seen a fair share of price turbulence since the start of 2021, but the token has managed to stay afloat so far. The world’s number one cryptocurrency has been under the scrutiny of central banks. However, the institutional push for the crypto asset remains strong.
The recent data from market aggregator Santiment indicates that Bitcoin whale accounts have surged within the past week, accumulating about 40,000 BTC during the period.
As a result, the amount of Bitcoins controlled by large BTC accounts has hit 9.1 million coins, which is about 50% of the total supply.
Institutional Investors Remain Bullish
The price of the token has been hovering around $46,000 to $48,000 in the past few weeks. And while retail traders are still skeptical about the future direction of the price, institutional investors are still busy accumulating more.
Despite the increased accumulation of the token by whales, the dominance of the world’s most valuable crypto asset has decreased significantly sharply. This is due to the increased demand for altcoins, including XRP, Solana, Ethereum, Solana, and Polkadot.
Bitcoin Drops While Ethereum Grows In Market Dominance
Presently, Bitcoin’s market dominance is at 42%, which is a 6% drop compared to its dominance in early August. By contrast, Ethereum has seen increased market dominance, reaching 19.6%, the highest level it has been in 8 weeks.
Market analyst at eToro, Simon Peter, commented on the recent range trading of Bitcoin. He stated that Bitcoin’s price has been unstable in the past few weeks, but there hasn’t been any massive breakaway. Even after increased inflows in top crypto exchanges, the token remained stable
But after ending at $40,000 at the end of July, the crypto asset is hovering around $47,000, which is a strong indication the price could still go up.