Bitcoin Whales Now Own 49% of Total BTC in Circulation
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Reports show that Bitcoin (BTC) whales have expanded their BTC holdings over the past few weeks, despite the unrelenting market volatility. According to a recent report by Santiment, an on-chain crypto analytics company, large BTC addresses (holding between 100 and 10,000 coins) now control about 9.13 million BTC, about 49% of the total supply. Santiment noted that:
“Our heavily touted price-leading Bitcoin whale holder tier have continued their accumulation in July. BTC addresses holding between 100 to 10,000 BTC now own 9.13M coins once again, their highest mark since April 14. This is 48.7% of the total supply.”
However, BTC network activity has remained at low levels since May, despite the massive accumulation by whales. According to Glassnode, a behemoth digital assets investment firm, the total number of active BTC addresses plummeted significantly last month.
Meanwhile, the Bitcoin exchange supply ratio also dropped significantly in June as large BTC accounts began moving their coins out of exchanges into private wallets.
Notably, at the end of June, a leading BTC wallet moved 6,713 coins from a private digital wallet to Xapo. Also, BTC outflows from Coinbase increased in June when two crypto wallets moved 7,062 BTC from Coinbase to digital wallets.
Key Bitcoin Levels to Watch — July 8
Bitcoin has come under renewed selling pressure after slipping away from the ascending tripwire yesterday. The primary cryptocurrency appears to have found decent support at the $32,250 level, as we anticipate a rebound over the coming hours. A recovery above the $33,000 line should help Bitcoin regain some bullish traction, putting a stop to this correction.
That said, further declines below the $32,000 support should get swiftly repelled by the $31,000 pivot line.
Meanwhile, our resistance levels are at $33,000, $33,700, and $35,000, and our key support levels are at $32,000, $31,000, and $30,000.
Total Market Capitalization: $1.38 trillion
Bitcoin Market Capitalization: $610.2 billion
Bitcoin Dominance: 44.2 %
Market Rank: #1
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