Santiment analysts said that large Bitcoin holders have accumulated an additional 266,000 BTC since the start of 2024. In monetary terms, this amounts to $17.5 billion.
🐳 #Bitcoin's key whale tier holding 1K-10K $BTC are supporting this rise, and have now accumulated 266K more $BTC since the start of 2024. This translates to an accumulation of 1.24% of the entire supply. The crowd is also showing a high degree of #FOMO. https://t.co/fNSTOERzXo pic.twitter.com/qaJmQJfFca
— Santiment (@santimentfeed) April 24, 2024
The company notes that whales with balances ranging from 1,000 BTC to 10,000 BTC received 1.24% of the total asset supply of 21 million BTC during the mentioned period.
Santiment also believes institutional investors are helping to reduce industry volatility. In addition, the mentioned market players supported the growth of the Bitcoin rate before the halving and will have a significant impact on the value of the asset after the halving, experts emphasize.
Analysts also indicated that fear of missing out (FOMO) is prevalent among a wide range of traders. A large number of users believe that the Bitcoin rate should soon return to the $70,000 mark, Santiment said.
It is worth noting that at the time of writing, the cost of the first cryptocurrency is at $66,141, according to TradingView. Over the past week, the rate has increased by 3.74%, and over a period of three months the increase was more than 65%.
Previously, Bitfinex experts noted a significant reduction in the daily issuance of Bitcoin. In their opinion, this figure may soon drop to $30 million per day. This state of affairs, in turn, could lead to demand for the first cryptocurrency being five times greater than supply.
Part of the community also pointed to a surge in the cost of commissions on the Bitcoin network. On the day of halving, the lowest of them crossed the mark of $91, the average was $103, and the highest was $112. However, after two days, commissions dropped significantly – to an average of $34.8.
Please note that these indicators are constantly changing.
Against the backdrop of increased commissions and the launch of the Runes protocol, the daily income of Bitcoin miners on April 20, 2024 updated its historical maximum at $107.76 million, according to YCharts.
Source: Cryptocurrency
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