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Bitcoin’s January Rise: Here’s Why It Could Continue Until February 2023

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Ben
I am Ben Stock, a highly experienced news writer with several years of experience in the industry. I currently work for The News Dept as an author, where I specialize in market-related stories. My passion and expertise lies in providing readers with accurate and up-to-date information on the latest financial developments from around the world. I have been recognized for my clear writing style and ability to explain complex topics in simple terms that even those new to financial markets can understand.My research skills are unparalleled when it comes to uncovering data points and trends concerning stocks, bonds, currencies and other assets that could affect global markets.

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According to information from on-chain analytics platform Santiment, bitcoin whales have hoarded coins worth $1.4 billion. The relevant indicator behind this feedback is the “Bitcoin Supply Distribution”. It is a Santiment indicator that differentiates owner categories, showing their impact on the market.

Bitcoin supply distribution classifies bitcoin holders into different categories, based on the amount of bitcoins held in their wallets.

For example, a category of holders can be classified as “1 to 10”, indicating that all Bitcoin wallets holding between one and ten Bitcoins belong to this category. Others may be “10 to 100”, or “100 to 1000”.

Whales are responsible for the recent rally

According to data from Santiments, the category making waves in today’s context is the 1,000 to 10,000. their holding translates into large amounts of funds.

Aggregate activity of this category can always be seen in the bitcoin market. They constitute perhaps the most respected growth in the ecosystem because of the powers they hold.

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According to bitcoin chain analytics, over the past 30 days, this group has added up to $1.4 billion worth of bitcoin to their wallets.

This coincided with a recent rally in which bitcoin rose from levels below $20,000 to above $23,000, before experiencing stagnation.

The data suggests that bitcoin whales seem unwilling to sell their holdings. This is a good sign for the flagship cryptocurrency, as it will help maintain buying pressure and keep the market uptrending.

Source: The Blog
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