Bitcoin Whales Accumulate Despite Price Pressure
Recent data shows Bitcoin whales, holders of over 10 BTC, reaching a new high of 16.17 million BTC.
This accumulation reflects strong confidence in Bitcoin’s future, according to Santiment.
To fuel the next bull run, Santiment highlights the need for increased buying from stablecoin holders like USDT and USDC.
Bitcoin currently faces selling pressure, dropping below $58,000 amid miner capitulation and large market sell-offs, including a $30 million transaction on Coinbase causing price slippage.
READ MORE: Arthur Hayes Sparks Debate: Bitcoin’s Technological Edge Over Gold in Financial Analysis
Despite sideways movement since March’s peak, sentiment remains mixed on whether the bull run has ended. On-chain metrics like CryptoQuant’s RCV indicate Bitcoin’s risk zone but potential for growth remains.
Investor Anthony Pompliano remains bullish, noting ongoing retail and institutional buying during the correction, underscoring confidence in Bitcoin’s long-term prospects.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
