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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq
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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Did Top Three Bitcoin Addresses Just Call Another Local Bottom?

Best Owie
Best Owie
1 year ago
3 mins read
Bitcoin

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The buying pattern of bitcoin whales has long been an indicator for coming market movement. While it may not happen everything, the fact remains that these top addresses control enough of the supply between them to have significant impacts on the price. This is evident in past movements coinciding with major price shifts and once again, these whales have gone on another accumulation trend that could be the start of another bull rally.

Bitcoin Addresses With 100K Accumulated

The bitcoin addresses that hold more than 100K on their balances are followed by investors and their activities are closely monitored. Usually, depending on if these wallets are buying or selling, the amounts can be large enough to move the needle more than a few inches. This time around, the wallets have been accumulating and their collective balances have reached a critical point.

Related Reading | Bitcoin Dominance Drops To 42% As Price Declines Below $43,000

On-chain analysis firm Santiment recently reported that three bitcoin wallets holding more than 100K BTC have been increasing their holdings for the past year. These wallets which had a collective balance of 260K coins by February last year have more than doubled their holdings. In the space of a year, they have added a collective total of 404K BTC, bringing their balance to 664K.

🐳 #Bitcoin's top addresses with 100k+ coins currently hold 664k $BTC after sitting at just 260k $BTC in Feb, 2021. There are currently 3 addresses of at least this size. They held an #AllTimeHigh of 693k $BTC in late June, just prior to prices surging. https://t.co/VRMD1itWCL pic.twitter.com/V9bqIOrB6j

— Santiment (@santimentfeed) February 16, 2022

This is not a new record but is close to the previous all-time high balances of these three wallets. In June last year, the three wallets hit an all-time high of 693K on their balances, still unbroken to date.

Why Is This Important?

Well, one thing about these three wallets is the kind of pull they have in the market. The last time the wallets accumulated this much bitcoin was at the bottom of the downtrend in mid-2021. At the tie that these whale wallets hit their all-time high bitcoin holdings, the digital asset marked a local bottom. This was promptly followed by a tremendous bull rally that sent bitcoin and other cryptocurrencies towards new all-time highs.

Bitcoin price chart from TradingView.com

BTC loses footing at $40K | Source: BTCUSD on TradingView.com

Now, the wallets have accumulated close to the same position once again. With less than 30K BTC left to reach its previous high, bitcoin looks to be marking another local bottom. If this is the case, then bitcoin could be gearing up for another rally towards a new all-time high.

Related Reading | Monero (XMR) Price Slides As Canada Includes Crypto In Emergencies Act

While this may be quite bullish for the digital asset, other indicators point towards more bearish tendencies. Bitcoin is only trading above its 20-day SMA and even that is barely holding. It shows that fewer investors are willing to purchase the asset for prices they have in recent weeks causing a decline in value. If this continues, then bitcoin could very well be struggling to hold its next support level at $39,190 in no time.

Featured image from MARCA, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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