Hey folks.
According to a report, Bitcoin whales have notably increased their Bitcoin holdings. These Bitcoin whales have added approximately $3 billion worth of Bitcoin since the beginning of the year. This equate to around 76,000 Bitcoins.
This development is seen as an important indicator of the investment strategy and confidence of the holders who are the largest in the crypto industry.
A whale in the crypto space means someone who holds a large amount of cryptocurrency. A dynamic shift in the distribution of Bitcoin holdings is revealed by historical data.
Smaller holdings showed varying fluctuations over the course of 30 days: accounts holding between 0.001-0.01 and 0.01-0.1 BTC had declines of 1.90% and 1.36%, respectively, while accounts holding between 0-0.001 and 0.01-0.01 BTC saw a rise of 1.02%.
Notably, accounts holding Bitcoin between 10k-100k experienced an increase of 2.88%, indicating a wealth concentration around the top of the range.
The month started with Bitcoin having value at $42,208 and witnessed a notable increase surging to the value of $49,000. But however, Bitcoin didn't hold this upward movement and then in the mid month Bitcoin saw fluctuations with its price varying between $41,801 and $43,148, suggesting that investors are going through a time of uncertainty and adjusting. The trend continued and the price of Bitcoin dropped below $40k mark.
A minor rebound was seen in the later half of January; on January 27, the cryptocurrency closed at $42,120, having opened at $41,863.
