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 Bitcoinâs market value.
Speculation abounds that FTX was actively suppressing cryptocurrency prices in the second half of 2022.
However, since the exchangeâs collapse in November 2022, there has been a notable correlation between the holdings of wallets with 10 or more BTC and Bitcoinâs overall market value. This suggests that larger investors are playing a significant role in the current market dynamics.
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 Coinbaseâs pivotal role in both exchange balances and the US Spot ETF market via its custody service.
Currently, Bitcoin is trading in the range of $65,000 to $66,000. If Bitcoinâs 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.
The resurgence in large Bitcoin holdings, coupled with Coinbaseâs 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 Bitcoinâs 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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