Several longtime holders of Bitcoin have reactivated dormant wallets, moving substantial amounts of BTC after years of inactivity. Bitcoin’s price dipped to ,952 amid speculation related to the Mt Gox distribution and the German government’s transfer of 3,000 BTC. Standard Chartered forecasts Bitcoin hitting 0,000 by November, with a potential boost from a Trump election […]
Bitcoin News
9 Dormant Bitcoin Wallets Reactivate, Moving $7.5M Amid BTC Price Drop
While bitcoin’s price was at ,382 on July 3, it dropped significantly to ,550 two days later before rebounding back to ,642 by 12:50 p.m. EDT on July 5. Notably, nine dormant bitcoin wallets created in 2013, 2016, and 2017 became active on Friday, moving 133.41 BTC valued at .5 million. The initial three wallets, […]
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Bitcoin Price Crash Is Buy Opportunity As Wallets Holding 10+ BTC Reaches New ATH
Bitcoin continues to be incredibly bearish amid negative market headwinds but that has not stopped investors from taking their positions during this time. These large investors who are holding more than 0,000 worth of Bitcoin have been accumulating BTC at an accelerated rate over the last six months.
Bitcoin Holders Increase Wallet Holdings
On-chain data tracking platform, Santiment, recently revealed that Bitcoin investors have been increasing their holdings over the last six months. According to the report posted on X (formerly Twitter), the major cohort involved in this buying are the wallets holding more than 10 BTC in their wallets.
The report shows that over the last six months, these holders have increased their collective holdings by 1.07%. While this may seem like only a small increase, it translates to over 5,000 BTC that these wallets have added in the space of half a year.
A trend that has been maintained during this accumulation is the fact that the buying has gone up whenever the Bitcoin price has crashed. For example, in early May when the Bitcoin price crashed, these wallets increased their buying.
This time around, as the BTC price has struggled to retain the ,000 level, they have begun to buy once more. Santiment’s data shows that during the last month, their holdings have increased drastically, bringing it to a total of 16.17 million BTC held by these wallets.
USDT And USDC Holdings Supports Accumulation Theory
One thing that also suggests that these whales have been buying Bitcoin aggressively over the last six months is the change in the USDT and USDC holdings of wallets. Usually, investors will hold these stablecoins as a way to avoid market volatility and wait for better prices.
However, once prices get low enough, they begin to buy, and this buying translates to a drop in the balances of their stablecoin holdings. For example, Santiment’s report points to a drop in the USDT and USDC holdings of sharks and whales holding between 0,000 and million, although the USDT holdings have taken more of a hit.
USDC holdings of these large wallets have dropped by 1.99% in the last six months, bringing their holdings to 34.2% of the current supply. Meanwhile, USDT holdings have dropped by 5.37% in the same time period, dropping their holdings to 30.3% of the total supply.
What this shows is a willingness to buy Bitcoin at these low prices in anticipation of a price recovery. If this buying continues, it could created a much-needed support for the BTC price at ,000, increasing the possibility of a price increase from here.
Dormant Bitcoin Wallets From 2010-2017 Transfer $294M in June
Long-time bitcoin holders moved a total of 4,681.438 BTC, worth 4 million, from dormant wallets dating from 2010 to 2017. The most significant activity was from addresses created in 2016, with 2,442.302 BTC exchanged across 14 transactions. 4,681 BTC Moved From Long-Inactive Wallets While BTC faced considerable fluctuations in June, bitcoins from long-inactive wallets transacted […]
Bitcoin News
Several Sleeping Bitcoin Wallets Reactivate After Years of Inactivity
According to data, several longtime holders have recently reactivated wallets containing hundreds of bitcoins for the first time in years. One inactive address, created on April 1, 2013, transferred 126.65 BTC valued at .63 million, marking its first transaction in over 11 years. Hundreds and Notably a 1,000 Stack of Vintage Bitcoin Transferred From Idle […]
Bitcoin News
User Games Zksync Airdrop, Receives Over $1.1 Million in 350 Wallets
K1z4, an X user, recently revealed that they had farmed the Zksync airdrop, receiving over 6.6 million ZK tokens, valued at over .1 million. K1z4 specified that they had used an elaborate setup of 350 wallets with different IPs and various tools to make the bots used in this task seem more human, including artificial […]
Bitcoin News
Over 200 BTC From 2013 and 2012 Wallets Awaken, Now Valued at Over $14M
Over the past weekend, 211.51 dormant bitcoins valued at .79 million were reactivated after over a decade of inactivity. More than half of these funds originated from bitcoin wallets that had been inactive since 2012. Vintage Bitcoin Wallets Unleash 211.51 Bitcoin Since June 8, 2024, a series of four transactions brought 211.51 dormant bitcoins back […]
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Coinbase Launches ‘Smart Wallets’ in Bid to Simplify Crypto Onboarding
Coinbase has introduced “smart wallets,” aimed at easing the entry into blockchain activities by eliminating complex processes and high fees associated with traditional crypto wallets. This new offering seeks to onboard over one billion users through simplified, gasless transactions and multi-chain support. Coinbase Introduces ‘Smart Wallets’ On June 5, 2024, Coinbase introduced its “smart wallets” […]
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Analyzing Tether’s 111 Billion Supply: Top USDT Wallets on Tron and Ethereum
This year, the supply of the stablecoin tether has surpassed the 0 billion mark, and today, the leading dollar-pegged token boasts a market valuation of 1.9 billion. The majority of this supply resides on Tron, with the network hosting billion in tethers, while Ethereum accounts for billion. This editorial examines the top wallets […]
Bitcoin News
Non-Empty USDC And USDT Wallets See 13.9% And 15.7% Spike, Why This Is Good For Crypto
Non-empty wallets for stablecoins such as Circle’s USDC and Tether’s USDT have been on the rise for a while now as crypto prices have recovered since the start of the year. This has come to a head as the non-empty wallets have grown double-digits in a very short time. While this could point to recent selling, it is also quite bullish for crypto going by historical performances.
Non-Empty USDT And USDC Wallets Jump 13.9%
According to the on-chain data tracking platform Santiment, there has been a significant shift in the number of crypto wallets that are holding stablecoins on their balances. This growth is mostly seen in stablecoins such as Tether’s USDT and Circle’s USDC.
As Santiment’s data shows, the total number of non-empty wallets holding USDC has risen 13.9% so far in 2024. Likewise, USDT wallets have also been on the rise, with a marked 15.7% increase in non-empty wallets in the same time period.
The chart shows a steady increase in the number of these non-zero wallets as the price of Bitcoin had recovered, taking the whole crypto market along with it. The total among of USDT holders moved from around 4.5 million at the start of the year to 5.7 million at the time of the report. For USDC, this figure went from around 1.9 million to more than 2.15 million. In total, there are more than 7.85 million stablcoin wallets between the both of them.
Concerned about another #crypto market retrace? You may be comforted by the fact that the amount of non-empty #stablecoin wallets are rising. In 2024, the amount of #USDCoin non-empty wallets has grown by +13.9%, and #Tether wallets have grown +15.7%. https://t.co/9K2y8UgOv9 pic.twitter.com/mxdkrgn36M
— Santiment (@santimentfeed) May 23, 2024
Now, given the recent uptick in the number of non-zero stablecoin wallets, it could suggest there has been some selling. However, stablecoins have seen their market caps increase drastically as more coins have been minted, suggesting that investors are looking to buy rather than sell.
Rising Stablecoin Wallets Is Good For Crypto
The rise in the non-zero stablecoin wallets are good for crypto, especially in the event of a retrace, as the on-chain tracker points out. This is because investors usually keep their funds in stablecoins waiting for good opportunities to buy, and during market retrace, they tend to deploy stablecoins such as USDT and USDC to buy other assets for low prices.
A correlation can be seen between the rising Bitcoin and crypto prices this year and the rising stablecoin market cap. For example, the USDT market cap went from billion to over 1 billion since January, signifying a 20% increase. In the same vein, the USDC market cap went from billion in January to over billion in May, representing a 32% increase for the stablecoin.
In the last 24 hours alone, over 0 million was moved from the USDC treasury in two transactions into unknown wallets, suggesting that crypto investors are getting ready to get into the market.