Bitcoin (BTC) Traders Resolve to Passive HODLing, Dormant BTC Whale Accounts on Rise

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Published 20 Jan, 2021 | 09:52:34 AM UTC

Bitcoin (BTC) Traders Resolve to Passive HODLing, Dormant BTC Whale Accounts on Rise

While Ethereum (ETH) has hit a new all-time high of $1439 on Tuesday, January 19, Bitcoin (BTC) seems to be strongly consolidating in the range between $35,000-$36,000. Although Bitcoin faces a strong resistance currently around $38,000, on the support side, it is holding well above $35,000.

Recent data suggest that HODLing Bitcoin is turning popular once again amid the recent price consolidation. As per popular on-chain data provider Santiment, dormant Bitcoins had started moving when the price surged above $40,000. However, after the recent correction and consolidation, these coins have once again started being dormant.

This shows that HODLers are not willing to liquidate yet! Instead, they have now smart moved from profit-booking to HODLing. On the other hand, while Bitcoin (BTC) price polarization continues among traders, BTC’s address activity and trading volumes still continue to remain high.

The Surge In BTC Whale Accounts

As per information from on-chain data provider Glassnode, the total number of Bitcoin (BTC) addresses holding more than 1000 BTC has hit a new all-time high. The total number of Bitcoin addresses with more than 1000 BTC balance has surged past 2400 of which 164 addresses i.e. over 5% have been added so far in 2021.

Also, despite the recent consolidation, institutions seem to be silently accumulating more Bitcoins. Over the last week, the Grayscale Bitcoin Trust (GBTC) accumulated more than 25,000 Bitcoins (BTC) pouring nearly $900 million into the world’s largest cryptocurrency. This happened just at the time when Grayscale raised $700 million in funds in a single day on January 15.

Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by

Bhushan Akolkar

Published 20 Jan, 2021 | 09:52:34 AM

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