The market has experienced very little volatility since Bitcoin's price rebounded above $40,000. Meanwhile, on-chain data shows some whales are scaling up their investments and some are possibly selling.
According to CryptoPotito, data from analytics platform Sentiment shows that some of the biggest Bitcoin investors in the network have been moving their assets in recent days when the market hasn't changed much.
As can be seen from the chart above, the number of addresses that have between 100 and 1,000 bitcoin units has decreased by 1.1% in less than 7 days. There are currently 13,735 addresses with this profile on the Bitcoin network, which is the lowest level since November 2022 (Aban 1401); That is, when the market as a whole had collapsed due to the bankruptcy of the FTX exchange.
However, not all data is negative. While some smaller investors have liquidated their holdings following the approval of cash ETFs in the US, larger addresses have shown a completely different behavior.
In the 6-day period shown on the chart, the number of addresses with balances between 1,000 and 10,000 BTC increased by 2.5%. In other words, 47 new addresses with these specifications have been created in this short period of time in the Bitcoin network. There are currently 1,958 addresses with this status on the Bitcoin network, the highest level since November 2022.
Bitcoin is currently trying to break above $44,000 and has so far failed to do so. The price has grown by a total of 3% in the last 7 days.
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