Bitcoin is witnessing an unsteady period, as prices keep dropping. But that has not stopped Bitcoin addresses from holding a larger amount of the token to add more to their holdings.
On-chain analysis platform Santiment stated that Bitcoin whales have accumulated about 50,000 BTC in the last 4 days.
Based on recent data released by Glassnode, long-term Bitcoin holders now have about 80% of the total supply, leaving just a paltry 20% for smaller and short-term traders.
More Bitcoin Assets Moved From Crypto Exchanges
The report also noted that more Bitcoin whales funds are being withdrawn from crypto exchanges to unknown wallets.
Last Friday, a known BTC wallet reportedly moved about 1,535 BTC worth more than $70 million from top crypto exchange Coinbase to an unidentified address.
Crypto analyst, Ali Martinez stated on Twitter that a significant number of BTC has been withdrawn from known crypto exchange wallets. He added that the move will minimize the selling pressure behind Bitcoin and give the token a breathing space.
About $3.4 Billion BTC Has Been Liquidated
Bitcoin’s price has maintained a subdued momentum for the past few weeks, dropping to $43,000 from $52,000 last week. The volatility of the world’s largest crypto asset liquidated about $3.4 billion worth of BTC.
The market also affected long-term investors as about $1.3 billion of their assets were also liquidated. However, this has not deterred investors from keeping faith in the crypto asset.
Based on the market activity, the general feeling is that Bitcoin is going through a slight correctional face. Many investors believe that the token will bounce back soon and enter into another surge.
Presently, BTC has a market capitalization of $850 billion, which is $100 billion short of its market cap on September 3, 2021. But the current figure still accounts for more than 41% of the entire crypto market cap.