Bitcoin Millionaire Addresses Avoid Profit Taking

Bitcoin millionaire addresses holding between 100 and 10,000 BTC are not selling their cryptocurrency assets despite the latest jump in the price of the world’s largest digital currency. In fact, Bitcoin whales have increased their holdings significantly with the addition of approximately 100,000 BTC in the last five days.

According to the latest data posted by crypto analytics platform, Santiment, Bitcoin millionaire addresses are now holding approximately 9.23 million coins, which is the highest level on record. The overall BTC network activity has increased substantially in the last few days.

“Bitcoin millionaire addresses holding between 100 and 10,000 BTC aren’t showing profit-taking signs on this surge we’ve seen over the past couple weeks. These holders hold a combined 9.23M BTC now, which matches their all-time high held on July 28,” Santiment highlighted.

In terms of price action, the world’s most valuable cryptocurrency saw a significant jump in the last three weeks. After touching a low of nearly $29,000 on 20 July, Bitcoin crossed the price level of $45,000 on 8 August. Currently, Bitcoin is trading above $43,000 with a market cap of approximately $820 billion. The crypto market dominance of BTC stands at around 46.5%.

Bitcoin Spending

In addition to the latest accumulation by leading BTC holders, the overall spending of old coins has not increased either. “Despite a strong rally to $45k, the Bitcoin market still has not seen a significant increase in old coins (> 1y) being spent. This is very different to the 2018 bear market where old hands took exit liquidity on most relief rallies,” the crypto data firm, Glassnode mentioned.

The latest data from Glassnode shows that Bitcoin holders are still not interested in spending the world’s largest cryptocurrency, which is a bullish sign for BTC. Last week, Glassnode highlighted a 30% increase in the overall BTC address activity, which is mainly due to the latest jump in the overall market cap of digital currencies. The total market cap of cryptocurrency assets currently stands at around $1.75 trillion.

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