The price of Bitcoin has continued to soar this week, with the premier cryptocurrency consolidating its place above the $50,000 mark. Interestingly, on-chain data shows that a particular class of investors had less to do about the recent rally, sparking conversations about their participation in the current bull cycle.???? 100-1K $BTC wallets: $7.89B dropped in 2024
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— Santiment (@santimentfeed) February 16, 2024
Data from Santiment shows that wallets with 1,000 – 10,000 BTC are on an accumulation spree, adding roughly 249,000 coins (worth about $12.8 billion) in 2024 only. However, it is worth mentioning that a lower tier of investors (100 – 1,000 BTC) has sold more than 151,000 Bitcoin since the year started.
As of this writing, Bitcoin is valued at $51,950, reflecting a 0.6% decline in the past day. Nonetheless, the premier cryptocurrency has retained most of its weekly profit, having gained almost 10% in the last seven days.
Bitcoin price hovering around $52,000 on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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Author: Opeyemi Sule
