Santiment, an on-chain analytics company, reports that Bitcoin sharks and whales have amassed 71,000 more BTC over the last three weeks, demonstrating their high level of confidence.
Despite dull price activity with Bitcoin trading sideways, 71,000 BTC were contributed by addresses holding 10 to 10,000 BTC, according to Santiment.
“Despite prices starting to feel ‘boring’ in this $30k to $31k area, Bitcoin’s sharks and whales aren’t showing any signs of slowing down. “71,000 more coins, or $2.15 billion, have been added to 10 to 10k BTC addresses since June 17,” Santiment tweeted.
BTC was now at $30,272, slightly higher than the previous day.
This fact is also supported by Glassnode data. The percentage of Bitcoin supply held/traded by U.S. businesses has increased noticeably after the BlackRock Bitcoin ETF proposal announcement on June 15, according to on-chain analytics company Glassnode. If the pattern continues, this might signal a turning point in supply supremacy.
The last week saw Bitcoin rise to a new yearly high of $31,525 after several traditional financial juggernauts applied for permission to introduce spot exchange-traded funds on the currency in the United States, igniting excitement. On June 16, BlackRock submitted papers to the U.S. Securities and Exchange Commission (SEC) for an exchange-traded fund for spot Bitcoin.
Bitcoin prices started the year at about $16,500, but have now surged by more than 80%. In November 2021, the value of the biggest digital asset reached record highs of approximately $69,000. The biggest digital asset ended the previous three months up over 9% from April to June.
Bitcoin price action
After hitting a new high for the year, Bitcoin quickly dropped to a narrow trading range. The biggest cryptocurrency has fluctuated in the $1,500 area since reaching a high of $31,525.
The Bitcoin spot price is still bouncing between the -50% at $34,300 and the -61.8% at $26,200 retracement levels, according to Glassnode, showing a well defined local range.
Recently, the adjusted realised price of $25,500 provided strong support for the current price of bitcoin. The current advance above this pricing level has initiated a comeback to favourable price action, but a major break below in June 2022 would have started a severe bear market.
