By: Eva Baxter
Noteworthy developments in the Bitcoin landscape suggest contrasting strategies from Bitcoin miners and whales regarding their BTC holdings. Recent data indicates a dip in the total Bitcoin supply held in miner addresses to an 18-month low of approximately 1.187 million Bitcoin. This change suggests a reorganization of wallets rather than a sell-off as minimal Bitcoin transfers to exchanges occurred.
At the center of these transfers, F2 Pool's activity raises questions about its potential to introduce sell pressure if these miners decided to offload their holdings. Considerations include the lowest Bitcoin fees since November and the approaching Bitcoin halving in April.
In contrast, Bitcoin whales have utilized recent price fluctuations as an accumulation opportunity. A 3% increase in entities holding 1,000 BTC or more has been reported in the last two weeks. The apparent bullish outlook for Bitcoin among whale accounts is further supplemented by significant BTC accumulation from spot Bitcoin ETF issuers, such as BlackRock, which currently holds over 44,000 BTC for their Bitcoin ETF.
Despite their contrasting behaviors, both groups' actions underline Bitcoin's resilience amidst price turmoil and speculation about the asset's future direction.
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