Skip to main content

Bitcoin (BTC) On-Chain Metric Shows Interesting Twist
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

The market is undergoing a major rout, as seen in the 3.38% drop in the combined crypto market capitalization to $1.39 trillion, a massive correction led by Bitcoin (BTC). The premier digital currency is down by 2.56% to $36,387.35 as trading volume dropped 8.16% to $26,162,786,899.

Beyond the performance of Bitcoin (BTC), there is a subtle twist taking place on the BTC network, as spotted by crypto analytics platform, Santiment. According to the platform, Bitcoin’s wallets have recorded massive fluctuations over the past few months, and the market has been largely erratic.

In a dramatic twist, addresses with less than one Bitcoin have flooded the network, as holders with one to 100 units flatten out. As Santiment observed, Bitcoin wallets holding more than 100 BTC units are in the middle of what looks like a profit-taking campaign. 

The data shows that small Bitcoin addresses have hit a new high, with over 1.5 million more of these holders emerging in the past month. Those within the 1-100 Bitcoin cadre have lost 118 addresses over the past month, and large wallet holders with over 100 BTC have seen 19 addresses removed within the same time span.

Temporary nature of permanent Bitcoin (BTC) trend

The shake-up ongoing in the Bitcoin ecosystem at this time underscores current market dynamics. However, with the potential Bitcoin spot Exchange Traded Fund (ETF) approval on the horizon, we may see the inflow of both small and large-scale holders.

This highly anticipated product with a 90% positive projection is considered the predominant channel for institutional investors to make their way into the Bitcoin ecosystem. This event will also help take the price of Bitcoin to new heights, with many projecting it might usher in the next major bull market cycle.




Source link

admin

Author admin

More posts by admin
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments