In the ever-evolving landscape of cryptocurrency, Bitcoin continues to be the undisputed leader, captivating investors and enthusiasts worldwide. A recent analysis of Bitcoin’s circulating supply has revealed an intriguing phenomenon: 55% of the total Bitcoin supply has not moved in two years, signaling the conviction and resilience of long-term BTC holders.
A cryptocurrency analyst, Ali, shared a Twitter post providing insights on the current BTC market:
#Bitcoin | 55% of the circulating $BTC supply hasn't moved in two years!
— Ali (@ali_charts) August 2, 2023
That's a testament to long-term #BTC holders standing firm in their belief. We're in it for the long haul! pic.twitter.com/f523xa54dh
The steadfastness of these long-term holders has become a testament to their unwavering belief in Bitcoin’s potential to revolutionize the financial world. Amidst the price fluctuations and market volatility, they remain committed to their investment, standing strong in their conviction for the long haul.
A group of 15,870 Bitcoin addresses, known as whales due to their substantial holdings, owns a staggering 11.5 million BTC. This massive amount constitutes 59.2% of the total Bitcoin supply. These whale addresses wield significant influence over the cryptocurrency market and often draw attention for their ability to impact prices with strategic moves.
Santiment, a platform with on-chain and social metrics for cryptocurrencies, shared a Twitter post providing insights on the performance of BTC:
🐳 There are currently 15,870 #Bitcoin addresses that hold at least 100 $BTC. Collectively, these whales own 11.5M $BTC, making up over half of the total existing supply (59.2%). Over the past 12 weeks, their collective share has risen by 27,755 $BTC. https://t.co/D5BS5Tt1Ja pic.twitter.com/Dr99JXpK1e
— Santiment (@santimentfeed) August 3, 2023
Over the past 12 weeks, these whale addresses have collectively added 27,755 BTC to their already substantial holdings. This sharp increase in their collective share indicates their continued bullish outlook on Bitcoin’s future prospects. As whales continue to accumulate more BTC, their actions might shape the market sentiment and dictate the short-term price movements.
The dominance of these whale addresses raises questions about wealth distribution in the cryptocurrency ecosystem. While Bitcoin is often celebrated for its decentralized nature, the concentration of wealth in the hands of a few powerful entities can pose potential risks and challenges. Market observers and regulators closely monitor these whales to monitor their actions and assess their potential impact on market dynamics.
Despite the dominance of whales, the cryptocurrency space remains a dynamic and evolving landscape. As more people enter the market, the distribution of Bitcoin ownership may shift, potentially altering the balance of power among holders. Long-term holders’ unwavering belief in the cryptocurrency’s potential and the rising number of retail investors may significantly shape Bitcoin’s future trajectory.
At the time of writing, BTC’s price is $29,031, showing a slight 0.37 percent increase in the last 24 hours. The leading cryptocurrency has been oscillating near the $29,000 level for most of the day, but bears are gaining the upper hand. Over the past 24 hours, the trading volume amounted to $15 billion, underscoring the continued interest and activity in Bitcoin trading. Currently ranked at the top spot on CoinMarketCap, BTC boasts a live market cap of $564, Billion. The battle between bulls and bears continues to influence the price movements of this renowned digital asset.
In conclusion, the recent analysis of Bitcoin’s circulating supply highlights the resolve of long-term holders and the power wielded by a handful of whale addresses. As the cryptocurrency market continues to evolve, all eyes remain on Bitcoin’s future, eagerly anticipating how it will unfold in the hands of both dedicated long-term believers and influential whales.
