Bitcoin's Big Players: Whale and Shark Wallets Holding 10+ BTC Reach Two-Month Peak - What Comes Next? | Cryptolifedigital - Latest Cryptocurrency News and Blockchain

Following the recent sell-off earlier in the week, Bitcoin has bounced back above $58,000, displaying strength. On-chain data indicates a notable increase in the number of Bitcoin wallets holding 10+ BTC in recent weeks.

There has been a surge in Bitcoin whale and shark wallets, with larger wallets acquiring supply from smaller traders who have been selling off their holdings during the recent dip. In July, the total number of wallets holding more than 10 BTC has increased by 261, potentially bolstering confidence among traders to establish long-term positions in Bitcoin.

Additionally, CryptoQuant CEO Ki Young Ju revealed that custodial wallets with no outflows have accumulated 85,000 Bitcoins over the past 30 days. This accumulation excludes ETFs, exchanges, and miners, with 16,000 BTC exiting ETF holdings during the same period.

Permanent holders, mostly custodial wallets with no outflows, accumulated 85K #Bitcoin in the last 30 days.

These wallets are neither ETFs, exchanges, nor miners. During the same period, 16K BTC flowed out of ETF holdings.

While some panic sell, "the others" are buying. pic.twitter.com/t9oN6pVwST
— Ki Young Ju (@ki_young_ju) July 10, 2024

Source: x.com/ki_young_ju

Furthermore, there has been a resurgence in Bitcoin ETF inflows, with BlackRock’s IBIT leading the way amidst the recent price recovery of BTC.

#Bitcoin can be used for P2P payments.

Contrary to the common belief that Bitcoin tx fees are always higher than Ethereum's, BTC tx fees have been cheaper than ETH's for most of the time since 2021.

Currently, the median BTC tx fee is $0.40, compared to ETH's $0.68.

What… pic.twitter.com/BE1Q1drD07
— Ki Young Ju (@ki_young_ju) July 10, 2024

Notably, Bitcoin’s network fees have frequently been lower than those of Ethereum since 2021, contrary to common belief. Presently, the median transaction fee for Bitcoin is $0.40, while Ethereum’s stands at $0.68. This highlights Bitcoin’s suitability for peer-to-peer payments.

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Cryptolifedigital

Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.

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Cryptolifedigital

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Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you're a seasoned investor or just starting out, Cryptolifedigital's analysis offers valuable insights into the world of cryptocurrency.

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