Key Points
- Wallets holding at least 10 Bitcoins have climbed back to two-year-high holding levels.
- BTC’s market value has surged by 226% since then.
According to the latest reports coming from Santiment, wallets holding at least 10 Bitcoins have climbed all the way back to two-year-high levels.
In a post on X, Santiment noted today that their level of holdings is exactly where it was 2 years ago. They also highlighted that a lot has changed since then, including a rise in Bitcoin’s market value by 226%.
The post continues and notes that a lot of people believe that FTX was successfully suppressing crypto process in the second half of 2022.
But, they note, since the exchange’s collapse back in November 2022, there has been an undeniable semblance of correlation between 10+ BTC wallet holdings and the coin’s overall market value.
Santiment also noted via X that it’s crazy how FTX sold their clients’ BTC and pumped up bags of their alts.
Also, on-chain data from Santiment on June 15, revealed that Bitcoin whales have sold more than 50,000 BTC in the past ten days, totaling about $3,29 billion.
Willy Woo recently explained who is selling BTC
At the moment of writing this article, BTC is trading below $66,000.
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Traders have been wondering who is selling Bitcoin these days and Willy Woo addressed the issue via some posts on X recently, saying that traders should not only look at BTC ETFs.
He shared a thread via his X account, saying that ETFs are buying, and so are institutions. Wee explained that 2024 brought a mass of commentators looking at ETFs flows as if this is all that matters.
He said that what really matters is total demand and supply. OGs are selling BTC, according to him. He explained that they have more BTC than all the ETFs put together, even ten times more.
He said that they sell into every bull market and this pattern is as old as the genesis block.
Woo concluded by saying it’s not a great idea to only look at ETF buying. On-chain data, derivatives data, technical price action – all these add to the demand and supply picture according to him.
There was also a rare miner capitulation event taking place recently which triggered a drop in the coin’s price as well.
