On-chain analytics platform IntoTheBlock, Bitcoin He shared an important moment when his whales arrived. The amount of tokens held by addresses holding more than 1,000 BTC has finally reached its highest level in 2023.
The amount of Bitcoin held by addresses with over 1,000 BTC hit a new yearly high this week!
NEWS CONTINUES BELOWFollowing the collapse of Alameda and Genesis, the amount of Bitcoin held by these large holders plummeted. However, it has grown throughout 2023, reaching a total of 7.67M BTC this week pic.twitter.com/cjiCFfAMvU
— IntoTheBlock (@intotheblock) November 17, 2023
NEWS CONTINUES BELOW
Following the collapse of FTX-affiliated Alameda Research and Genesis, the holdings of Bitcoin addresses with more than 1,000 BTC decreased rapidly.
Assets of this size have been growing steadily since 2023, reaching 7.67 million BTC worth $275 billion this week. According to IntoTheBlock, the size of these holdings goes hand in hand with the interest of large institutions.
In addition, the amount of Bitcoin held by long-term investors reached an all-time high this week.
Addresses holding BTC holdings for more than a year have historically been a predictor of the progress of the BTC cycle. This is because holders of assets tend to increase their Bitcoin holdings during bear markets and at the beginning of bull markets and decrease them near previous all-time highs.
The balance is shifting in a positive direction, according to IntoTheBlock, which makes sense as they expect the price to rise.