After the early week sell-off, the world’s largest cryptocurrency Bitcoin has bounced back above $58,000 once again and has been showing strength here. On-chain data shows that the total number of Bitcoin wallets holding over 10+ BTC has seen growth in recent weeks.
On-chain data provider Santiment reported that there’s a major surge in the Bitcoin whale and shark wallets scooping up the supply from small traders who have continued to sell off their holdings in the recent dip.
In the month of July so far, the total number of wallets holding more than 10 BTC has surged by 261. This trend is likely to give traders greater confidence in building long-term positions in Bitcoin.
Also Read: German Bitcoin Sales Impact Wanes, What’s Next?
Additionally, the CryptoQuant CEO Ki Young Ju also stated that permanent BTC holders, primarily custodial wallets with no outflows, have accumulated a total of 85,000 Bitcoins over the past 30 days. Ju mentions that these wallets are distinct from ETFs, exchanges, and miners. During the same period, 16,000 BTC exited ETF holdings. Despite some market participants panic selling, others are actively buying.
Permanent holders, mostly custodial wallets with no outflows, accumulated 85K #Bitcoin in the last 30 days.
These wallets are neither ETFs, exchanges, nor miners. During the same period, 16K BTC flowed out of ETF holdings.
While some panic sell, “the others” are buying. pic.twitter.com/t9oN6pVwST
— Ki Young Ju (@ki_young_ju) July 10, 2024
Another positive development is that the Bitcoin ETF inflows have bounced back once again with BlackRock’s IBIT taking the lead amid the recent bounce back in the BTC price.
The CryptoQuant CEO also emphasized BTC’s suitability for peer-to-peer (P2P) payments. Contrary to the prevalent belief that Bitcoin transaction fees are consistently higher than those of Ethereum, data since 2021 shows that Bitcoin fees have often been lower. As of now, the median transaction fee for Bitcoin stands at $0.40, compared to Ethereum’s $0.68.
#Bitcoin can be used for P2P payments.
Contrary to the common belief that Bitcoin tx fees are always higher than Ethereum’s, BTC tx fees have been cheaper than ETH’s for most of the time since 2021.
Currently, the median BTC tx fee is $0.40, compared to ETH’s $0.68.
What… pic.twitter.com/BE1Q1drD07
— Ki Young Ju (@ki_young_ju) July 10, 2024
Also Read: Bitcoin Price Analysis As BitMex Witnesses Second Largest BTC Outflow
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