Bitcoin’s Price Stands Still but These BTC Wallets Are Making Big Moves: Data

Bitcoin’s price actions in the past several days have been quite uneventful, with little to no movements after last week’s recovery from the sub-$40,000 dip.

However, data from Santiment shows that some of the largest investors have been using this moment to move sizeable portions of their holdings.

🐳 #Bitcoin is ranging between $41K and $44K, but whale wallets are moving big this week:

🔴 Number of 1K-10K $BTC Wallets: 1,958 on Feb. 1st (Most since November, 2022)
🟡 Number of 100-1K $BTC Wallets: 13,735 on Feb. 1st (Least since November, 2022) https://t.co/MTOnjURnfV pic.twitter.com/QrxW8CH5c2

— Santiment (@santimentfeed) February 3, 2024

The analytics company highlighted the decline of certain wallets holding between 100 and 1,000 BTC. Such investors have dropped by 1.1% in less than a week.

Moreover, their number is down to 13,735 – the lowest since November 2022 – when BTC’s price slumped amid the FTX bankruptcy and the shockwaves it sent through the entire industry.

It’s not all negative, though. While these more retail-oriented investors have been disposing of their assets after the ETF approvals in the States, whales’ behavior has been exactly the opposite.

Within the same 6-day timeframe, Bitcoin whales, holding between 1,000 and 10,000 BTC, have grown their stashes by 2.5%. In other words, there are 47 new such wallets created within less than a week.

Their number is currently at 1,958 – the highest since November 2022.

In this same time period, BTC’s price has been quite sluggish. Aside from a few brief and unsuccessful attempts to overcome $44,000, the cryptocurrency has been trading predominantly in a tight range of between $41,000 and $43,000.