According to on-chain analytics firm Santiment, Bitcoin sharks and whales have accumulated 71,000 more BTC in the past three weeks, showing high confidence.
Per Santiment, 71,000 BTC were added by addresses holding 10 to 10,000 BTC despite boring price action with Bitcoin engaging in sideways trading.
"Bitcoin's sharks and whales aren't showing any signs of slowing down, even with prices beginning to get 'boring' in this $30k to $31k range. Since June 17, 10 to 10k BTC addresses have accumulated 71,000 more coins, equating to $2.15 billion," Santiment tweeted.
🦈🐳 #Bitcoin's sharks and whales aren't showing any signs of slowing down, even with prices beginning to get "boring" in this $30k to $31k range. Since June 17th, 10 to 10k $BTC addresses have accumulated 71k more coins, equating to $2.15 billion. https://t.co/poBVnszbZY pic.twitter.com/XxYsHWCFRL— Santiment (@santimentfeed) July 8, 2023
At the time of writing, BTC was marginally up in the last 24 hours to $30,272.
Glassnode data also reinforces this fact. On-chain analytics firm Glassnode observes that following the BlackRock Bitcoin ETF request announcement on June 15, the share of Bitcoin supply held/traded by U.S. entities has experienced a notable uptick. This marks a potential inflection point in supply dominance if the trend is sustained.
Bitcoin advanced to a fresh yearly high of $31,525 in the past week after several traditional financial titans sought approval to launch spot exchange-traded funds on the token in the United States, stoking optimism. BlackRock filed paperwork with the U.S. Securities and Exchange Commission (SEC) on June 16 for a spot Bitcoin exchange-traded fund.
Bitcoin has increased by more than 80% this year, with prices beginning the year at roughly $16,500. The largest digital asset rose to all-time highs of almost $69,000 in November 2021. The largest digital asset finished the last quarter up nearly 9% from April to June.
Bitcoin price action
After achieving a new one-year high, Bitcoin soon fell to a small trading range. Since topping $31,525, the largest cryptocurrency has moved in the $1,500 range.
According to Glassnode, the Bitcoin spot price continues to bounce between the -50% at $34,300 and the -61.8% at $26,200 retracement levels, indicating a defined local range.
Bitcoin's spot price recently found firm support at the adjusted realized price of $25,500. This pricing level remains a crucial area of interest, with a strong breach below in June 2022 kicking off a deep bear market, whereas the recent move above has sparked a recovery to favorable price action.