Despite the ongoing bearish sentiment prevailing in the cryptocurrency market, Bitcoin is experiencing a noteworthy surge in the number of high-profile investors, commonly known as whales and sharks. According to data from Santiment, these substantial holders have reached record levels not seen since February 2022, demonstrating their continued faith in the cryptocurrency. Over the past twenty months, large Bitcoin wallet accounts have increased by 8.12%, encompassing the addition of 11,806 new addresses.
The confidence of these significant stakeholders is underscored by the remarkable surge in transactions exceeding $100,000, which has now collectively totaled nearly $37 billion, as reported by IntoTheBlock. This past weekend witnessed two substantial transactions on Coinbase (NASDAQ:COIN) and ByBit, involving a total of over $100 million or 4,448 BTC. These levels of Bitcoin holdings harken back to those observed in 2019, signifying a renewed interest in the leading cryptocurrency.
As of Monday, Bitcoin was trading at $27,759.75, with its 24-hour trading volume exhibiting an impressive surge of 181.17%, reaching $13.69 billion. This reflects a daily increase of 3.2% and a weekly growth of 0.60%. According to data from CoinMarketCap, Bitcoin’s total circulating supply stands at 19.52 million tokens, contributing to its market capitalization of $5419.14 billion.
The surge in substantial holdings and substantial transactions underscores a robust investor base for Bitcoin, despite the broader bearish trend affecting the cryptocurrency market. It further emphasizes the enduring appeal of the original cryptocurrency among high-profile investors.
