Bitcoin address activity soars to multiyear highs ahead of BTC halving, Santiment points to whale resilience
FXstreet
18 Sep 2023 11:19 PM
Bitcoin (BTC) has displayed a rather unusual picture from a broader outlook, with the daily active addresses failing to mirror its price. Santiment da...
- Bitcoin whales have increased their control over the cryptocurrency as smaller traders sell.
- Daily active addresses have reached year highs, suggesting large holders are acquiring Bitcoin through over-the-counter (OTC) methods.
- The number of daily active addresses has risen by 43% in five years, despite the lack of significant price action.
- Large holders are able to discreetly accumulate Bitcoin through OTC transactions, minimizing market impact.
- Institutional investors, who are likely the whales, have the ability to influence Bitcoin price with a small fraction of their holdings.
- The upcoming Bitcoin halving event in April 2024 is expected to trigger bullish momentum and potentially a new all-time high.
The article presents a positive sentiment towards Bitcoin, highlighting the resilience of whales and the potential for bullish momentum with the upcoming halving event.