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In a recent tweet, on-chain data aggregator Santiment mentioned a brief surge of Bitcoin above the $30,000 level, saying that there is one important factor that traders are recommended to keep an eye on if they look forward to a BTC price breakout this summer.
Number of large BTC wallets matters
According to Santiment, it is worth keeping an eye on whether the number of big BTC wallets holding 100 Bitcoins and more will resume rising or not.
If the number of these whale addresses begins to rise, the odds are that Bitcoin will break out. The analysts of Santiment did not mention the level that BTC may surge to.
🐳🦈 #Bitcoin has rebounded back above $30k this weekend, and it's recommended to keep an eye on the number of large addresses as summer progresses. If the 100+ $BTC wallet line begins rising again, another breakout greatly increases in probability. https://t.co/qKgrKeCHxL pic.twitter.com/g9A4i6ApFE
— Santiment (@santimentfeed) July 23, 2023
Important Bitcoin metric hits new ATH
Glassnode data agency has reported that the Bitcoin Long-Term Holder Supply of BTC has hit a new historic peak of 14.52 million Bitcoin. This is equal to 75% of the overall supply circulating on the market.
This data indicates, per Glassnode, that mature crypto investors are focused on the hodling strategy now.
The #Bitcoin Long-Term Holder Supply has reached a new ATH of 14.52M BTC, equivalent to 75% of the circulating supply.
— glassnode (@glassnode) July 24, 2023
This suggests HODLing is the preferred market dynamic amongst mature investors. pic.twitter.com/rfPmHM9hh2
Dormant Bitcoin whale comes to life
As reported by U.Today, over the weekend, a wallet that had seen its latest operation more than 11 years ago became active and transferred 1,037 BTC worth $37.8 million.
Eleven point three (11.3) years ago, when it was last active (in 2012), this amount of BTC cost merely $5,107, and Bitcoin traded at $4.92. This wallet made its final transaction, before stalling two years after the mysterious Bitcoin creator Satoshi Nakamoto went off the radar and passed BTC on to the crypto community.
This was not the only dormant wallet that stirred last week. Several ancient whales got back to digital life last week; however, they held not Bitcoin but Ethereum purchased during the ICO in 2014.
Tomiwabold Olajide
Alex Dovbnya
