Holdings Of Bitcoin Investors With At Least 10 BTC May Correlate To Price
In a new on X, Santiment has discussed about a metric that has historically been one of the top leading indicators in the sector. The metric in question is the total amount of supply held by the Bitcoin investors carrying at least 10 BTC in their wallets. At the current exchange rate of the cryptocurrency, this cutoff is equivalent to around $683,000. As such, the investors holding sums of this scale or higher would be larger than the regular retail holders.Key groups such as sharks and whales fall in this range. These cohorts are generally considered to be influential beings, so their behavior can be worth keeping an eye on.
While the 10+ BTC group wouldn’t solely include these large investors, the trend in its holdings would still at least in part encapsulate what these key holders would be doing. Now, here is a chart that shows the trend in the combined holdings of investors carrying balance in this range over the last few years:The decline stopped after the FTX crash back in November 2022 and the holdings of these investors took to sideways movement in 2023. At the end of the year, another shift finally happened as the metric gained an uptrend.
This accumulation likely kicked off because of the imminent spot exchange-traded fund (ETF) approval in January. These investors kept up this buying pressure post-approval as well, which all culminated into the rally towards the new all-time high (ATH).
Despite the struggle that Bitcoin has faced recently, the trend in the indicator hasn’t flipped. As such, more bullish price action could be ahead for the asset, if historical pattern is to go by.