Bitcoin ETF

Read

Rise

<ul> 
 <li>Significant on-chain developments indicate Bitcoin ownership shifts, with new whales accumulating.</li> 
 <li>CryptoQuant CEO highlights a 13-year high in Bitcoin’s average dormancy, indicating a transition to new owners.</li> 
 <li>Introduction of the spot Bitcoin ETF in January 2024 led to massive inflows and whale accumulation.</li> 
</ul> 
<p>Bitcoin (BTC) <a href="https://cryptonewsland.com/bitcoin-price-surge-to-800000-highly-likely-following-bitcoin-halving-according-to-analyst-prediction/">continues to dominate</a> headlines as its price consolidates around the $66,500 mark, reflecting substantial activity in the cryptocurrency market. Behind this stability lies a complex web of on-chain developments, particularly the exchange of large Bitcoin holdings. At the heart of these developments are the emergence of new Bitcoin whales, marking a significant shift in ownership dynamics.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>'s Average Dormancy hit a 13-year peak recently, indicating a transfer of old Bitcoins to new holders. <br><br>The cap table for Bitcoin is shifting, potentially altering the ownership landscape.<br><br>Who are the new major shareholder(s)? <a href="https://t.co/XaurClSW4r">pic.twitter.com/XaurClSW4r</a></p>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1783020343869018273?ref_src=twsrc%5Etfw">April 24, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>CryptoQuant CEO Ki Young Ju recently reported a milestone in Bitcoin’s average dormancy, hitting a 13-year high. This metric underscores a profound transition as long-held Bitcoin moves into the hands of new owners, reshaping the distribution landscape. With this surge in dormant Bitcoin, questions arise about the identity and motives of the major emerging shareholders in the cryptocurrency realm.</p> 
<p>One pivotal event shaping Bitcoin’s recent narrative is the introduction of the spot Bitcoin ETF earlier this year. Since its launch in January 2024, the ETF has witnessed a flurry of inflows, reflecting heightened investor interest. Concurrently, whales in the Bitcoin market have been on a buying spree, as evidenced by significant accumulation among holders with 1,000 to 10,000 BTC. Data from on-chain analytics platform Santiment reveals a staggering addition of 266,000 BTC to their portfolios since the beginning of the year.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">The TD Sequential indicator has flashed a sell signal on the 12-hour chart, with <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> facing resistance at the mid-level of a parallel channel!<br><br>Exercise caution, given this indicator's track record. Particularly watchful if <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> drops below the $65,500 support level. <a href="https://t.co/m7iquoi1L5">pic.twitter.com/m7iquoi1L5</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1783011223304376355?ref_src=twsrc%5Etfw">April 24, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>While whale accumulation paints a bullish picture, technical indicators signal a cautious outlook for Bitcoin in the short term. Renowned analyst Ali Martinez points to the TD Sequential indicator, which recently flashed a sell order on its 12-hour chart. This signal coincides with Bitcoin encountering resistance at the midpoint of a parallel trading channel, suggesting potential downside risks, especially if key support levels are breached.</p> 
<p>Despite short-term uncertainties, long-term prospects for Bitcoin remain robust. The cryptocurrency’s lower monetary inflation rate compared to traditional assets like Gold positions it for continued growth. According to the stock-to-flow thesis, Bitcoin is expected to surpass Gold’s market capitalization in the coming years, reflecting its status as a store of value.</p> 
<p>Bitcoin analyst <a href="https://cryptonewsland.com/bitcoin-surges-past-41k-amid-a-new-all-time-high-set-by-gold/">Willy Woo acknowledges</a> this trajectory but cautions against expecting rapid shifts. He anticipates Bitcoin to lag behind its stock-to-flow valuation by 5-10 years, citing factors such as custodial infrastructure, regulations, and asset manager acceptance. This measured approach underscores the gradual evolution of Bitcoin’s role in the global financial landscape.</p> 
<p>In conclusion, the evolving landscape of Bitcoin ownership signifies a paradigm shift in the cryptocurrency realm. As new whales emerge and accumulate substantial BTC holdings, the market undergoes profound transformations. While short-term challenges persist, Bitcoin’s long-term trajectory remains bullish, fueled by its unique properties and growing adoption.</p> 
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4> 
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/soprs-on-chain-measures-suggests-bearish-sentiment/">SOPR`s On-chain Measures Suggests Bearish Sentiment</a></li>
 <li><a href="https://cryptonewsland.com/bitcoin-is-at-a-decision-point-on-chain-analytics/">Bitcoin Is at a Decision Point: On-chain Analytics</a></li>
 <li><a href="https://cryptonewsland.com/litecoins-resurgence-on-chain-transactions-surge-amidst-market-shift/">Litecoin’s Resurgence: On-Chain Transactions Surge Amidst Market Shift</a></li>
 <li><a href="https://cryptonewsland.com/cardanos-36-surge-on-chain-activity-fuels-bullish-rally/">Cardano’s 36% Surge: On-Chain Activity Fuels Bullish Rally</a></li>
 <li><a href="https://cryptonewsland.com/solanas-on-chain-metrics-dip-bulls-eye-comeback-past-162/">Solana’s On-Chain Metrics Dip, Bulls Eye Comeback Past $162</a></li>
</ul> 
<p>The post <a href="https://cryptonewsland.com/bitcoins-new-players-the-rise-of-whales-amidst-on-chain-surge/">Bitcoin’s New Players: The Rise of Whales Amidst On-Chain Surge</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Bitcoin’s New Players: The Rise of Whales Amidst On-Chain Surge

Crypto News Land

Other articles published on Apr 26, 2024

Top Gainers Post Halving: These Altcoins Are Poised to Explode

Polkadot’s New Storagehub Parachain Targets Improved Data Storage Efficiency

Recent Shifts in Cryptocurrency Valuations and Market Dynamics

First Time In 71 Days: BlackRock’s Bitcoin ETF ‘IBIT’ Registers Zero Inflows

Burkina Faso suspends BBC, VOA broadcasts over human rights abuse report coverage

“Crypto Is Finding Real Utility”, Says Stripe President

Join our free newsletter for daily crypto updates!