Blockchain analytics firm Santiment says that Bitcoin (BTC) whales aren’t showing interest in taking profits as BTC continues to build strength.
The firm says that Bitcoin entities holding between 100 and 10,000 BTC now hold 9.28 million coins, or about 44% of the total supply, which is an all-time high for the investor cohort.
“Bitcoin millionaire addresses holding between 100 and 10,000 BTC aren’t showing profit-taking signs on this surge we’ve seen over the past couple weeks. These holders hold a combined 9.23M BTC now, which matches their AllTimeHigh held on July 28.”
Santiment also takes note of a potential inverse correlation between gold and Bitcoin capital inflows.
“Bitcoin and gold investors saw very opposite price performances to close out the trading week. BTC surged to above $43,000, as gold has swung downward, seeing its biggest decline since mid-June. The two are very much behaving inversely to one another.”
The analytics firm points out an additional indicator that it says is key for Bitcoin to kick off the next phase of its bull market. The number of daily active addresses on the Bitcoin network will be a crucial signal for a bullish BTC resurgence, according to Santiment.
“Bitcoin’s revisit to $45,000 for the first time since mid-May is certainly something to celebrate. However, watch daily address activity closely now, as a subsequent rise back to the 1 million+ per day levels will be key in signifying a bullish resumption.”
At time of writing, Bitcoin is trading at $43,202, according to CoinGecko.
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