Since the Bitcoin (BTC)-Price struggles to recapture $ 50,000, the number of Bitcoin addresses with less than 1 BTC has increased.
Since Bitcoin a All time high of over $ 69,000, it has seen a drastic drop that made it below $ 50,000. On December 4th, BTC fell to its three-month low of $ 42,333 coin could drop below $ 40,000.
Addresses with less than 1 BTC are responsible for the current BTC price
Data that the crypto-focused newsletter Ecoinometrics after evaluating the change in Bitcoin amounts in small and rich WalletGroups show that the rebound from $ 42,000 in current price is due to increased buying activity at addresses with less than 1 BTC. The addresses holding 1000BTC to 10,000BTC are said to have given very little support to the upward movement and no wonder the bull’s strength is insufficient to keep the coin above $ 50,000.
“Bitcoin Still stuck in a situation where small addresses are ready to stack sats [the smallest unit account of Bitcoin]while the whale addresses don’t really pile up. “
Ecoinometrics further stated that Bitcoin’s current value is “not ideal” and the decline could resume due to the lack of influential buyers.
Ecoinometrics’ bearish outlook came after the Federal Reserve made its policy decision on Wednesday that resulted in the majority of the Cryptocurrencies, including Bitcoin, rose slightly before turning red shortly afterwards.
According to Mike Novogratz, CEO of Galaxy Digital Holdings:
“$ 42,000 is at a pretty important level, and low 40s should hold up … So much money is pouring into the room that it doesn’t make sense for crypto prices to be way below that. If you’re long it feels painful, but it’s probably healthy. “
Retail BTC accumulation stronger than whales
Bitcoin wallets with more than 1,000 BTC are in decline in 2021. Data from Glassnode showed that the number of wallets has dropped from 2,475 to 2,147 since February 9th to date.
In contrast, the number of wallets with less than 1 BTC has risen sharply. For example, addresses with at least 0.01 BTC have increased from 8.46 million wallets to 9.39 wallets, while those with at least 0.1 BTC increased from 3.12 million wallets to 3.30 million wallets.
Source: Crypto News Deutsch