Wallets holding 10 or more Bitcoin have collectively reached their highest level of holdings since two years ago. This milestone comes in the wake of significant changes in the cryptocurrency market, including a remarkable 226% increase in Bitcoin’s market value.
Speculation abounds that FTX was actively suppressing cryptocurrency prices in the second half of 2022.
However, since the exchange’s collapse in November 2022, there has been a notable correlation between the holdings of wallets with 10 or more BTC and Bitcoin’s overall market value. This suggests that larger investors are playing a significant role in the current market dynamics.
đł Wallets holding 10 or more Bitcoin have collectively just matched their same level of holdings from exactly 2 years ago. Much has changed since then, including a rise in Bitcoin's market value by +226%.
Many believe that FTX was successfully suppressing cryptocurrency prices⌠pic.twitter.com/O90gxrKy8N
— Santiment (@santimentfeed) June 17, 2024
Coinbase remains a dominant force in the Bitcoin ecosystem. The exchange and its custody service collectively hold substantial portions of Bitcoin. Coinbase Exchange is estimated to hold 270,000 BTC, while Coinbase Custody holds approximately 569,000 BTC.
This substantial aggregate underscores Coinbase’s pivotal role in both exchange balances and the US Spot ETF market via its custody service.
Coinbase as an entity holds a vast fraction of both aggregate exchange balances, as well the US Spot ETF balances via its custody service.
The Coinbase Exchange and Coinbase Custody entities currently hold an estimated 270k and 569k BTC respectively. pic.twitter.com/TSdL2kPDV8
— glassnode (@glassnode) June 17, 2024
Liquidation Figure If Bitcoin Pumps Over $67,500
Currently, Bitcoin is trading in the range of $65,000 to $66,000. If Bitcoin’s price surges to $67,450, it is projected that roughly $19.50 million will be liquidated on Binance alone. This potential liquidation could trigger significant market movements, reflecting the volatile nature of the cryptocurrency market.
Roughly $19.50 million will be liquidated in @binance alone if #Bitcoin surges to $67,450! pic.twitter.com/zb0t5aynvw
— Ali (@ali_charts) June 17, 2024
The resurgence in large Bitcoin holdings, coupled with Coinbase’s significant custodial role, highlights the evolving landscape of cryptocurrency investment. As the market continues to adapt to these changes, the actions of major holders and exchanges will likely play a crucial role in shaping Bitcoin’s future trajectory.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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