• Short-term holders have been profiting from the recent price surge of Bitcoin (BTC).
• Whales have been spending more of their BTC holdings.
• The number of addresses holding over 10 BTCs has also increased.
Short-term Holders Profiting from Recent Price Surge
Recent data shows that short-term holders of Bitcoin (BTC) have benefitted from the recent price surge. CryptoQuant’s data reveals that the realized price of sold outputs is higher than the cost basis, indicating that on average, short-term holders are selling their Bitcoin at a profit.
Increase in Whale Spending Activity
Observations made using CryptoQuant’s spent output value bands metric indicates an increase in whale spending activity. At press time, whales holding between 1,000 to 10,000 BTCs had already exceeded 220,000 BTCs in spent output value bands. This suggests that whales have been taking advantage of the recent price surge and cashing out some of their profits.
Rise in Addresses Holding Over 10 BTCs
Data from Santiment shows that since 2022 there has been a 70% growth in the number of Bitcoin addresses holding over 10 BTCs. The total amount held by these wallets is nearing its all-time high recorded in 2021.
Potential Support Level Emerging
With these noteworthy market movements taking place, it is possible for a new support level to emerge for Bitcoin [BTC]. Such a breakthrough could drive further gains and propel its press time prices even higher.
Bitcoin Price Prediction 2023-24
Given this positive outlook and strong fundamentals driving up demand for Bitcoin [BTC], analysts suggest bullish price predictions for 2023 and 2024 as well as potential long term gains beyond that period.