Bitcoin

<h2 id="key-points"> Key Points </h2> 
<ul> 
 <li> Over 1.9 million BTC has been transferred to large wallets since the beginning of 2024, indicating whale accumulation. </li> 
 <li> Metrics such as the MVRV Z-Score and Bitcoin dominance suggest potential for significant gains in Bitcoin’s value. </li> 
</ul>  
<p>The recent surge in <a href="https://coineagle.com/price/bitcoin/">Bitcoin (BTC)</a> transfers to large wallets signals a significant increase in whale activity. This follows a market downturn earlier this week, which some experts believe may be the cycle’s lowest point before the next bull run. </p> 
<h2 id="bitcoin-accumulation-and-confidence"> Bitcoin Accumulation and Confidence </h2> 
<p>Data from CryptoQuant reveals that the number of Bitcoins held in new wallets with over 1,000 BTC has exceeded 1.9 million in 2024. This excludes exchanges and includes spot ETFs and custodial wallets. This statistic, along with further analysis, implies an increasing faith in Bitcoin’s long-term prospects. </p> 
<p>The MVRV Z-Score, a crucial tool for identifying market highs and lows, is presently below 2, suggesting that Bitcoin is undervalued. This indicates that Bitcoin’s peak has not yet been reached, and those who believe it has may miss out on significant gains in the last quarter of 2024. </p> 
<h2 id="bitcoin-dominance-and-microstrategy-s-investment"> Bitcoin Dominance and MicroStrategy’s Investment </h2> 
<p>In addition, Bitcoin dominance reached a new short-term high last week, signaling a potential upcoming rally. Although the exact timing is unknown, this growing momentum suggests that Bitcoin is set for a significant upward move. </p> 
<p>MicroStrategy’s BTC holdings, valued at $13.74 billion at the time of writing, demonstrate a strong commitment to Bitcoin’s future. Their stock growth of 995% over the past four years indicates a significant bet on Bitcoin’s long-term potential. This investment strategy underscores why Bitcoin could be an excellent choice for long-term gains.</p>

Why Whales are Scooping Up 1.9M Bitcoin – The Surging Crypto Obsession Explained

Table of Contents

CoinEagle.com

Other articles published on Aug 11, 2024

5 Key Wins: US Spot Bitcoin ETFs See $192 Million in Inflows, While Ether ETFs Lose $3 Million

Franklin Templeton Launches FOBXX on Arbitrum

Hong Kong to tighten crypto regulations even more

Hong Kong Lawmaker Urges Action on Crypto Banking Challenges

BitGo and BiT Global Boost WBTC Security

Elon Musk and Trump’s Explosive Interview: Will Dogecoin Skyrocket?

Join our free newsletter for daily crypto updates!