Bitcoin whales make waves by snapping up more coins despite summer price stabilization
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Quick Take
Bitcoin’s ecosystem has witnessed an intriguing trend as the number of unique entities, alternatively known as ‘whales’ in the crypto world, holding a minimum of 1,000 Bitcoin has reached a year-to-date (YTD) high. An estimated 1,611 entities now hold 1,000 or more Bitcoin, a figure that has risen by approximately 500 since June. The data suggests a noteworthy shift in behaviour from these sizable players.
Despite Bitcoin’s price stabilization around the $29,000 mark during the summer, these entities appear to have seen an opportunity, significantly increasing their holdings in this period. This trend may be indicative of their long-term faith in Bitcoin’s value, a strategy often referred to as ‘HODLing’ in the cryptocurrency community. It’s also worthy of note that this increase in whale activity could potentially influence Bitcoin’s price volatility and market dynamics moving forward.
The post Bitcoin whales make waves by snapping up more coins despite summer price stabilization appeared first on CryptoSlate.
