Bitcoin (BTC) sees steady accumulation despite regulatory challenges

Bitcoin (BTC) sees steady accumulation despite regulatory challenges
фото показано с : invezz.com

2023-6-21 14:50

The ongoing crypto regulation wave has dented sentiment in the digital assets industry. Nonetheless, reputable investors have used the latest dips to increase their bags. The latest data shows Bitcoin flowing into addresses that illiquid participants manage.

Illiquid entities are network players with less spending history. Meanwhile, these wallets have scooped Bitcoin at the quickest pace in six months, confirming accumulation by long-term investors.

Glassnode data shows the number of tokens that illiquid wallets control rose to a monthly high of 147,351.58 ($3.9 billion). That represented the most since 19 December 2022.

The total amount that illiquid participants manage has increased to remarkable peaks of 15,207,843 BTC, following an impressive surge of 215,000 Bitcoins within the previous month alone.

Bitcoin investors confident despite macro uncertainties

The data indicates optimism among Bitcoin investors who anticipate price surges despite ongoing regulatory risks and macroeconomic uncertainties.

While last week’s rate pause by the Fed was lucrative for cryptos, the regulator kept the gates open for potential future hikes. Remember, tightening contributed to 2022’s crypto market collapse.

The Securities & Exchange Commission filed lawsuits against Coinbase and Binance early this month, citing securities violations. The suits didn’t mention BTC, catalyzing money rotation from altcoins to the bellwether crypto.

Bitcoin’s steady accumulation

Bitcoin flow into illiquid addresses highlights slow but steady accumulation. Dip-pocketed players are adding their stash amid the ongoing regulatory headwinds. Faster token accumulation deteriorates supply within the market, potentially triggering price surges.

Also, Santiment’s data confirmed whales have increasingly accumulated Bitcoin amid the latest price struggles. Wallets with 1,000 – 10,000 Bitcoins have scooped a whopping $3.5B worth of the leading crypto since early April 2023.

Source – Santiment

Whale accumulation highlights optimism as these market players have long-term strategies and might expect future price surges. Bitcoin traded at around $26,767.01 at press time. Analysts believe stability beyond the crucial support of $25K will support steady uptrends for the cryptocurrency.

The post Bitcoin (BTC) sees steady accumulation despite regulatory challenges appeared first on Invezz.

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bitcoin latest investors increase dips used bags

Источник: invezz.com

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