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Addresses holding between 100 to 1,000 Bitcoin ($BTC) have demonstrated remarkable resilience amidst recent market fluctuations. These addresses have not just held their coins but also kept steadily accumulating Bitcoin over the past few months. According to data shared by DeFi market intelligence platform IntoTheBlock, these wallets now control 20.3% of Bitcoin’s circulating supply. Currently, 94.05% of Bitcoin’s total supply is in circulation. In other words, 19.75 million coins are in circulation and 395,000 tokens are being held by these Bitcoin holders.
Addresses holding between 100 and 1,000 BTC have been unfazed by market movements, showing consistent accumulation over the past months.
— IntoTheBlock (@intotheblock) September 4, 2024
These addresses now hold 20.3% of the circulating supply. pic.twitter.com/H4rlJiFRoC
Large Bitcoin Holders Show Steadfast Confidence Amid Market Fluctuations
Since Bitcoin’s fourth halving in April this year, the cryptocurrency has been experiencing a period of sideways movement. This period was marked by several notable corrections as well. Despite these fluctuations and the market’s overall uncertainty, addresses holding between 100 and 1,000 BTC have remained remarkably steadfast. Rather than reacting to short-term price changes or market volatility, these larger holders have chosen to maintain their positions, consistently accumulating more Bitcoin.
This ongoing accumulation is a clear indication of their confidence in Bitcoin’s long-term value and potential. By not selling off their assets during periods of correction, these holders are signaling their belief that Bitcoin’s future growth will outweigh any temporary setbacks. Bitcoin is expected to break its all-time-high soon during its bull run. Their patience and strategic approach reflect a strong conviction in the enduring strength and resilience of Bitcoin as a leading digital asset.
Bitcoin’s Current Trading Reflects Market Sentiment
Currently, Bitcoin is trading at $58,443, reflecting the broader market’s cautious sentiment. The data from IntoTheBlock, a platform known for providing traders with advanced analytics, underscores the significant role these addresses play in shaping Bitcoin’s market dynamics. As the market continues to evolve, the behavior of these key holders will be closely watched by analysts and investors alike.