- Addresses holding 1,000 or more have added more BTCs in the last four months.
BTC maintained the bear trend with its current price trend.
As a researcher, I find it intriguing to observe the recent developments in the Bitcoin market. The surge in volume held by larger wallets and the subsequent increase in Total Value Locked (TVL) are noteworthy trends that could potentially indicate growing institutional participation and investor confidence in BTC.
Bitcoin‘s price has experienced a notable uptick lately, along with a surge in the amount held in certain wallets. This trend is noteworthy because it brings us close to previous price and volume levels prior to the FTX collapse.
Bitcoins have joined the discussion regarding assets with the highest Total Value Locked (TVL). Currently, it ranks amongst the top ten in this category.
Bitcoin holders increase holdings
As a researcher examining data from IntoTheBlock, I’ve observed an intriguing uptick in the amount of Bitcoin (BTC) being stored in specific wallets.
Approximately 250,000 more Bitcoins have been amassed in wallets that currently hold one thousand Bitcoins or more.
This increase notably occurred following the approval of the spot ETF around January.
The analysis of supply distribution uncovered a significant increase in the number of addresses within this range – rising from around 1,888 in January to more than 2,049 in February.
At the present moment, approximately 2,019 is the figure, despite subsequent decreases. Furthermore, these digital wallets continue to expand, inching closer to their previous levels prior to the FTX crash.
The chart analysis revealed that the count of addresses underwent a substantial drop following the FTX crash in November, accompanied by reduced trading activity within those addresses.
Despite the uptick in Bitcoin’s price and growing involvement of institutions, trading volume has bounced back.
Additionally, recent improvements have been observed in the BTC Total Value Locked (TVL).
Bitcoin features in top TVL ranking
As a data analyst, I’ve examined the latest figures from DefiLlama and found that Bitcoin currently ranks ninth in terms of Total Value Locked (TVL) with a TVL of approximately $1.15 billion. This figure surpasses that of Avalanche [AVAX].
Around February, there was a noticeable increase in total value locked (TVL) in the trend, peaking at approximately $1.3 billion in April. However, following this peak, there have been some decreases resulting in the present TVL volume.
As a blockchain analyst, I find it noteworthy that among all the L1 (Layer-1) blockchains listed based on their total value locked (TVL), Bitcoin stands alone as the original one without built-in smart contract functionality.
As a data analyst, I’ve observed some remarkable advancements over the past few years that now allow for the deployment of smart contracts. These innovative technologies enable values to be securely stored within the network.
Bitcoin maintains its bull trend
Examining the daily chart for Bitcoin’s price movement, I found it hovering approximately around $67,100. This represented a minimal gain of under 1% compared to previous prices.
Read Bitcoin’s [BTC] Price Prediction 2024-25
In the past week, Bitcoin’s value has exceeded $61,000 and has maintained an upward trend, hovering around the $65,000 mark for the past three days.
Additionally, it has entered a bull trend, as indicated by its Relative Strength Index (RSI).
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2024-05-20 03:03