Bitcoin Whales May Have Accumulated Nearly 1% of Circulating Supply Amid Market Diversification Trends
Main Idea
Bitcoin whales have accumulated nearly 1% of the circulating Bitcoin supply in four months, while also diversifying into Ethereum and meme coins amid mixed market signals.
Key Points
1. Bitcoin whales (wallets holding 10-10,000 BTC) increased their holdings by 0.9% (approximately 218,570 BTC) in four months.
2. Some whales took profits, with one selling $9 billion worth of BTC in a single day, but 97% of circulating Bitcoin remains in profit.
3. Whales are diversifying into Ethereum (e.g., SharpLink Gaming invested $780M in July) and meme coins like PEPE and WIF.
4. Bitcoin's price remains stable around $118,556, with daily trading volumes rising to $44 billion.
5. The total crypto market capitalization briefly surpassed $4 trillion but has since retreated to approximately $3.44 trillion.
Description
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