Old Bitcoin Hands Quietely Buy BTC Worth $12 Billion: Price Breakout Incoming?
Long-term Bitcoin holders are accumulating, evidenced by a $12.75 billion increase in old supply, despite mixed sentiment from derivatives markets.Summary
Bitcoin is currently experiencing cautious sentiment and trading below key resistance, but underlying accumulation signals suggest potential for a price breakout. Data shows Bitcoin is nearing 20,000 wallets holding 100 BTC or more, indicating institutional and long-term holder confidence during the recent price dip. Furthermore, 'old supply' (BTC unmoved for six months) increased by 188,000 BTC over three weeks, valued at over $12.75 billion, suggesting patient holders are HODLing. However, derivatives data presents a cautious view, with negative funding rates indicating short positions are currently dominating. At the time of writing, BTC trades around $67,867, needing a decisive move above $70,000 to signal renewed bullish strength, while a drop below $66,224 support could extend consolidation.
(Source：BeInCrypto)