Bitcoin whales growing but useless?

Bittime - Bitcoin whales are increasing as the number of wallets holding more than 10 BTC increases, but it's all for nothing?

The news about the increase in Bitcoin whales seems to be a sign that negative Bitcoin sentiment has no impact on acquisition power.

Support for Bitcoin

Amid negative sentiment regarding Bitcoin and the digital asset sector as a whole, large Bitcoin holders (whales) are increasingly active in the crypto market as the number of wallets containing 10 or more Bitcoins reaches a record high.

This surge shows strong confidence in Bitcoin's long-term value, despite its fluctuating price and regulatory challenges. 

This also signals that Bitcoin has strong underlying support for the future, in line with general optimism in the market.

Check Today's Crypto Market:

Bitcoin Whales Increase, Highest in the Last 2 Years

According to blockchain analytics firm Santiment, the number of large Bitcoin holdings has peaked at levels not seen since 2022. 

The increase shows a strategic move by big players to strengthen their position in this major cryptocurrency asset.

Also read: Red Bitcoin due to FED pessimism and miners selling BTC is still happening

Meanwhile, on-chain data shows that as of February 2022, wallets with 10 BTC or more now control 82% of the total supply, signaling a return to confidence in the long-term value of crypto. 

Given the recent volatility of the crypto market and regulatory uncertainty, this pattern is highly significant.

Santiment also noted that since then, Bitcoin's value has increased by more than 226%, strengthening its position as a potential coin in the crypto market.

Source: https://bitcoinist.com/

Bullish Illusion

Referring to the FTX crash in 2022, the analytics platform highlights the crypto community's belief that the incident depresses crypto prices in the second half of 2022. 

However, following the exchange's collapse in November 2022, there was a clear correlation between the total market value of Bitcoin and wallets holding more than 10 BTC.

An increase in the number of large holdings is noteworthy because it often has a significant impact on market dynamics, especially regarding price stability and liquidity.

As a result, this accumulation of coins by large holders could be a sign of optimism and possibly encourage further price growth.

However, it is important to be aware of the risks present in the market, although this accumulation could be an indication of bullish sentiment.

Check Crypto Prices Today:

Holding Large Amounts of BTC Worthless?

Developments like this are usually considered a bullish signal for price movement. 

TOBTC, a trading platform, highlighted the views of several analysts on this. 

According to the platform, watching Bitcoin whales or following the movements of big Bitcoin investors is very popular on social media, but traders find it less useful for valuable analysis.

Also Read: Tether Plunges into the World of Gold: Launches Alloy Stablecoin, Backed by Dollars and Gold!

Some analysts argue that whale movements are often misunderstood and are not a reliable indicator of market trends. 

They warn against drawing conclusions about the market based solely on whale metrics, as this data can sometimes be intrusive and essentially only serves as social media engagement bait.

How to Buy Bitcoin (BTC) on Bittime

You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Read the Guide to Buying Bitcoin on Bittime.

Monitor the movement of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other crypto charts to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.