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Bitcoin suffered yet another tumble, losing roughly 10% over the past week. Despite these volatile price movements, Santiment’s latest analysis reveals that key stakeholders aren’t budging on their BTC holdings.
While looming concerns and FUD spreading within trading circles as the April 19th halving approaches exist, it is also important to note that certain whale groups have demonstrated significant confidence in Bitcoin’s long-term potential.
Bitcoin Investors Hold Steady
The accumulation trend is evident by the data suggesting that wallets holding between 100 to 1,000 BTC purchased 43,489 coins, equivalent to $2.75 billion since March 1st.
A similar pattern was seen across wallets with holdings ranging from 1,000 to 10,000 BTC, which amassed 80,544 coins, totaling $5.1 billion during the same period. Wallets holding between 10,000 to 100,000 BTC also accumulated 91,732 coins, worth around $5.8 billion.
This data compiled by the crypto analytic platform essentially suggests that despite short-term market turbulence, large-scale investors remain committed to Bitcoin, indicating a strong underlying bullish sentiment towards the world’s largest cryptocurrency.
Experts believe that the market is currently in an uptrend. As such, the accumulation stage is expected to continue till the halving as Bitcoin trades within the 60,000-59,0000 zone.
Additionally, Intotheblock revealed that Bitcoin is currently sitting right atop a crucial demand zone, which indicates a potentially strong level of support. With over a million addresses historically acquiring over 530,000 BTC at an average price of $64.3k, this area holds significant importance as a potential stronghold for the cryptocurrency’s price. However, in case of a downside break, the next major demand zone is around the $56,000 level.
ETF Demand Stagnates
While on-chain accumulation remains strong, the same cannot be said for spot Bitcoin ETF demand, which appears to have stagnated, even when excluding ETF settlement transactions, according to CryptoQuant’s analysis.
The spot Bitcoin ETFs bled with outflows except for BlackRock’s iShares Bitcoin Trust (IBIT), which was the only fund recording inflows of $73.4 million on April 15th.
Digital asset investment products recorded outflows of $126 million last week, with Bitcoin accounting for $110 million as investors maintained caution.
This article first appeared at CryptoPotato
