Bitcoin Holders Reached New All Time High In The Past 6 Months

2 mins mins

23 December 2023, 15:06:16 GMT +0000

Key Points:

Over 80% of Bitcoin holders haven’t moved their coins in six months, reaching a record high.
BlackRock, the world’s largest asset manager, seeks SEC approval for a Bitcoin ETF, marking a shift in its perception of cryptocurrency.
Whale transactions surged in mid-November, coinciding with positive market responses to spot ETF news.

In a noteworthy development, over 80% of Bitcoin holders have refrained from moving their coins in the past six months, reaching an unprecedented high, according to data from Bitcoin Magazine. This trend highlights a significant shift in the Bitcoin landscape, reflecting the current market dynamics.

Bitcoin Holders Hit All-Time High of Inactivity, Signaling Market Stability

In a surprising move, BlackRock, the world’s largest asset manager, is seeking approval from the Securities and Exchange Commission (SEC) to launch a regulated Bitcoin ETF for its clients. Notably, BlackRock’s previous stance on cryptocurrency was skeptical, but the company now sees potential despite acknowledging lingering concerns about industry legitimacy, regulation, and transparency.

Whale transactions, ranging between $100,000 and $1 million, constituted 24% of Bitcoin’s trading volume by mid-November. This surge occurred amid a positive market response to spot ETF news and anticipation of the supply halving scheduled for April. Bitcoin holders are showing that this signal is completely appropriate.

Despite uncertainties in predicting asset prices, analysts have been notably bullish since the October rally, further fueling optimism in the market.

Since its inception in 2009, Bitcoin has undergone a remarkable journey from its initial value of less than a cent. As of December 23, 2023, the world’s oldest cryptocurrency reached a value of approximately $43,750, underscoring its enduring appeal to fans, investors, and regulators alike.

The evolving landscape and increasing institutional interest signal a maturing market, with Bitcoin solidifying its position as a transformative financial asset.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.