Santiment: Major BTC holders have added another 266 000 coins to their wallets since the beginning of the year

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24.04.2024 - 12:42

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3 min

What’s new? Analysts at analytics platform Santiment note that large bitcoin wallets continue to hold onto the asset. Meanwhile, in the broader market, fear of missing out (FOMO) prevails among traders due to the expectation that the exchange rate will return to the $70 000 mark. At the time of writing, BTC is trading at $66 600 on Binance, having added 0,74% overnight. The weekly gain was 4,3%.

Source: Twitter.com

What else is known? Santiment writes that bitcoin’s growth is fueled by key institutional investors holding between 1000 and 10 000 coins on their balance sheets. Thus, since the beginning of the year, they have added another 266 000 coins to their wallets, or 1,24% of the total supply of the asset.

On April 20, the Bitcoin network experienced its fourth halving, which reduced the reward to miners for mining blocks from 6,25 BTC to 3,125 BTC. It also slowed the issuance and entry of new coins into circulation. Bitcoin’s total supply is programmatically capped at 21 million coins, with 19,69 million coins mined so far. Since the halving, the asset’s exchange rate has risen by 4,7%.

On the eve of the halving, JPMorgan analysts said that it was already factored into the price and would not lead to a rally in the asset. Moreover, they allowed the rate to fall. In turn, analysts of the exchange Bitfinex said that after the halving, the demand for bitcoin will exceed the supply five times. Thus, the volume of issuance halved, while demand from spot exchange-traded funds (ETFs) based on bitcoin continues to grow.

Grayscale will offer a spot BTC ETF with the lowest management fee

At 1,5%, Grayscale’s GBTC fees are currently the highest in the bitcoin fund segment

On January 11, such funds were admitted to the US market, and in mid-April they were also approved by the Hong Kong regulator. Hong Kong ETFs are expected to start trading on April 30, but some analysts doubt they will attract much capital.

As for US funds, they have accumulated $55,82 billion worth of bitcoins under management, with inflows exceeding $12,4 billion.

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