Non-whale Bitcoin wallets reach a record high, suggesting increased interest from smaller investors, potentially influencing Bitcoin’s price amid diverse predictions.
Key Points
- Non-whale wallets, those holding less than 100 BTC, have attained a new high, indicating increased interest from smaller investors.
- This surge may drive Bitcoin prices upward, though analysts’ predictions vary, with some foreseeing a drop below $26,000 before a potential surge.
- Debates arise over price analysis methodologies, particularly the relevance of global events like the COVID pandemic in analyzing BTC’s price.
- Currently, despite slight market cap declines, there is a substantial demand for BTC, evident from a surge in trading volumes.
Bitcoin’s non-whale wallets, which refer to users holding less than 100 BTC, have recently reached a new all-time high, according to Santiment, an on-chain market intelligence platform. This surge in non-whale accounts indicates a growing interest in the leading cryptocurrency among smaller investors. As of now, these non-whale wallets own 41.1% of the available supply, while BTC whales hold 55.5%.
🐳📉 #Bitcoin's non-whale wallets, defined as addresses with under 100 $BTC, have climbed to new #AllTimeHigh levels, now owning 41.1% of the available supply. Meanwhile, whales with 100 to 100K, own 55.5% of the supply, their lowest amount held since May. https://t.co/JktSd6yM6Z pic.twitter.com/f2cwYZ3MTX
— Santiment (@santimentfeed) September 21, 2023
Rising Interest in Bitcoin Driving Price Surge
The increased number of traders showing interest in Bitcoin could potentially drive its price upwards. Many experts speculate that BTC’s prices will continue trading between the $25,000 and $30,000 levels before entering a bullish cycle. However, a crypto analyst going by the pseudonym Rekt Capital recently expressed a different viewpoint on Twitter. They predicted that BTC might fall below $26,000 before experiencing a surge during the upcoming BTC halving event.
Analysis Based on Historical Price Movements Sparks Debate
Rekt Capital’s analysis of BTC’s potential price movement was based on historical data. However, the comment section was flooded with users expressing their own opinions on the matter. Some supported the analysis, while others dismissed it as false. For instance, one Twitter user argued that a global event like the COVID pandemic should not be considered a valid data point for analyzing BTC’s price.
Current Status of Bitcoin and Market Demand
As of writing this article, BTC is trading at $26,686.25, with a 0.34% surge in the past seven days. The cryptocurrency’s market cap is valued at $520,312,465,932, experiencing a 1.04% decline in the last 24 hours. Despite this slight drop, there is still significant demand for BTC, as indicated by a 11.85% surge in trading volume over the past 24 hours, reaching $14,134,845,243.
