More than 2% of the BTC supply is dominated by whales
Bitcoin whales holding 100k or more BTCs are continually stacking sats. This is according to data shared by Santiment’s team, who point out that this category of investors now holds 2.2% of the Bitcoin offer, up from 0.76% eleven weeks ago. Their numbers, therefore, also peaked at 11 months, as explained by the Santiment team through the communicated and the following graphic.
The percentage of the # Bitcoin supply held by whale addresses with $ 100k or more BTCs increased from 0.76% 11 weeks ago to 2.20% today, an 11-month high. Meanwhile, addresses under 1k-100k $ BTC fell from 42.4% to 39.5% in the same 11 weeks.
Fear and FUD increased when Bitcoin failed to break $ 60k
In a April 7 review, the Santiment team pointed out that there was an increase in the level of fear and negative feeling in the cryptocurrency market. The fear and FUD in the cryptocurrency markets were attributed to BTC’s failure to recapture the $ 60k price level and Ethereum to fall below $ 2k. Bitcoin would still recover $ 60k, albeit temporarily, with Ethereum now trading at $ 2,147.
Such fear and uncertainty may be one of the reasons why the number of Bitcoin holders with 1k to 100k BTC has dropped as highlighted above.
High chance of volatility during weekly Bitcoin closing
With respect to price, Bitcoin is once again trading below $ 60k at its current value of $ 59,800. The weekly close is just a few hours away, with Bitcoin once again facing a possible drop to $ 58k. If this macro support zone is broken during the event, Bitcoin could revisit the $ 56k price range before the rally can resume in the new week.