Santiment: Bitcoin whales have accumulated 266,000 BTC since the beginning of the year

• Analysts said that large holders of the first cryptocurrency have accumulated 266,000 BTC since the beginning of 2024.
• Institutional investors help reduce market volatility.
• Fear of missing out (FOMO) is prevalent among a wide range of traders.

Santiment analysts said that large Bitcoin holders have accumulated an additional 266,000 BTC since the start of 2024.. In monetary terms, this amounts to $17.5 billion.

The company notes that whales with balances ranging from 1,000 BTC to 10,000 BTC received 1.24% of the total asset supply of 21 million BTC during the mentioned period.

Santiment representatives also believe that institutional investors are helping to reduce industry volatility. In addition, the mentioned market players supported the growth of the Bitcoin rate before the halving and will have a significant impact on the value of the asset after the halving, experts emphasize.

Bitcoin halving was successful: what does this change and what to expect in the future?

04/20/2024

16 min

5306

read

Analysts also indicated that fear of missing out (FOMO) is prevalent among a wide range of traders.. A large number of users believe that the Bitcoin rate should soon return to the $70,000 mark, Santiment said.

It is worth noting that at the time of writing, the cost of the first cryptocurrency is at $66,141, according to TradingView. Over the past week, the rate has increased by 3.74%, and over a period of three months the increase was more than 65%.

. Источник: TradingView.” class=”wp-image-225212″ srcset=”https://incrypted.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-24_17-09-26.png 1614w, https://incrypted.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-24_17-09-26-300×162.png 300w, https://incrypted.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-24_17-09-26-1024×555.png 1024w, https://incrypted.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-24_17-09-26-768×416.png 768w” sizes=”(max-width: 1614px) 100vw, 1614px”>BTC/USDT hourly chart on the Binance exchange. Source: TradingView

Previously, Bitfinex experts noted a significant reduction in the daily issuance of Bitcoin. In their opinion, this figure could soon drop to $30 million per day. This state of affairs, in turn, could lead to demand for the first cryptocurrency being five times greater than supply.

Part of the community also pointed out a surge in the cost of commissions on the Bitcoin network. On the day of halving, the lowest of them crossed the mark of $91, the average was $103, the highest was $112. However, after two days, commissions dropped significantly – to an average of $34.8.

Please note that these indicators are constantly changing.

Bitcoin BTC

Price:

$65,024

-2.58%

24h Volume:

$13b

Buy

Against the backdrop of increased commissions and the launch of the Runes protocol, the daily income of Bitcoin miners on April 20, 2024, updated its all-time high at $107.76 million, according to YCharts.

Let us recall that we wrote that experts called the first cryptocurrency the most deflationary asset.