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Bitcoin Traders' Balances Spike 4.2%, Here's What It Means for Market

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Thu, 03/03/2022 - 14:20
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Yuri Molchan
Recent analytics data show that traders have begun to increase their Bitcoin balances
Bitcoin Traders' Balances Spike 4.2%, Here's What It Means for Market
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According to IntoTheBlock analytics agency, a number of traders have begun to accumulate Bitcoin on their addresses, raising their BTC balance by 4.2%.

Bitcoin traders buying more BTC to hold

IntoTheBlock has spread the word about a number of traders acquiring more Bitcoin recently and thus increasing their balances by 4.2%. These traders have been holding for more than 30 days.

The tweet adds that these traders tend to follow the Bitcoin price action. Now, the data aggregator says, the market sees retail interest in Bitcoin coming back.

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Bitcoin whales' balances surge to 11.78 million BTC

Earlier this week, U.Today reported on a group of wallet owners who had been holding Bitcoin for more than one year. Over the past 30 days, their balances have risen by 4.13%.

Now, these whale wallets hold a jaw-dropping $516,369,232,000 in BTC – that is, 11.78 million coins.

Besides, according to the analytics team of Santiment data vendor, Bitcoin whales have become pretty active in conducting large crypto transfers.

Over the past three days, Santiment has counted 13,400 Bitcoin transfers, and each of them carried more than a $1,000,000 worth of the flagship cryptocurrency.

Bitcoin is up 15%

Over the past few days, the leading global digital asset, Bitcoin, has made a market increase of over 15%. It has soared from the $37,975 level to $43,704 by now. On March 2, Bitcoin reached a local high in the $45,300 zone.

At the moment, the Bitcoin price is 36.38% below its all-time high of $68,789 reached on Nov. 10.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.