June 22, 2021

Bitcoin (BTC) Whale Accumulation Continues Amid Its Sideways Movement

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After failing to cross the$ 59,000 market previously this week on Monday, Bitcoin(BTC)has actually been trading sideways correcting nearly 10%ever since. At press time, the BTC rate is trading 1.64% unfavorable at $54,827 with a market cap of $1.024 trillion.

Nevertheless, the BTC down pressure hasn’t prevented the whales from accumulating more Bitcoins. As on-chain information company Santiment reports, new Bitcoin whale addresses have been produced during the current sideways movement. The total number of Bitcoin addresses with 1000+ BTC has actually jumped above 2,234. On Tuesday, May 4, seven news 1000+ BTC addresses were produced, signing up the biggest ever single-day development in two months.

Courtesy: Santiment Likewise, regardless of the BTC price moving sideways, the Bitcoin address activity continues to shoot higher.

Bitcoin On-Chain Fundamentals Continue to Improve

As CoinGape reported, a number of on-chain principles of Bitcoin continue to enhance in the middle of the present price motion. Bitcoin’s network value to transaction ratio (NVT ratio) has been recent after the recent price correction. Based on the historical charts, Bitcoin is undervalued at the existing price.

Citing another important factor called Bitcoin Reserve Risk, Glassnode reports that we are still in the middle of the Bitcoin bull run. From the below chart we can see that the reserve risk on the mid-way to 0.02 levels post which BTC faces major correction.

Courtesy: Glassnode Amidst the current altcoin market rally driven largely by a strong performance from Ethereum (ETH), Bitcoin appears to be more in a consolidation zone. With the sideways motion, the BTC market supremacy has also dropped to 45% recently.

On the other hand, corporate participation in Bitcoin continues. Recently, the Japanese video gaming giant Nexon announced a $100 million worth of BTC purchase putting the business’s 2% reserve money at work worldwide’s largest cryptocurrency. The business acquired BTC at a cost value of $58,226 ( ¥ 6,446,183) per bitcoin suggesting high confidence among corporates.

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