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According to the cryptanalytic company Santiment, the recent jump in the price of bitcoin (BTC) is still supported by the activity of crypto deposits.
As experts noted on Twitter, the addresses of whales, which store from 100 to 1000 bitcoins, have accumulated 85,700 BTC worth $ 4.78 billion since the price fell at the end of September.
According to the company, these wallets currently account for 21.3% of the total supply, which is a record high.
According to CoinGecko, at the time of writing, bitcoin was trading at $57,410, showing a weekly gain of 16.5%.
It seems that the current bull market is dominated by BTC-hodlers. Network analyst William Clemente told his 306,900 Twitter followers that 85.1% of the bitcoin supply has not moved for at least three months, which is another record high.
The company Crypto Insights Glassnode said that the growth of bitcoin hodler activity indicates an imminent rally to new record highs.
This group will eventually wait for the peak to profit from their coins. Their expectations are visualized by the transition from light blue to dark blue in the offer graph below…
Usually, when the price rises to a historical maximum, a bull run and a supply squeeze begin.
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