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NEW YORK – In the wake of recent market turmoil, large holders of bitcoin, often referred to as “whales,” have increased their holdings to the highest annual level. IntoTheBlock analytics revealed that addresses holding more than 1,000 BTC reached a peak of 7.67 million BTC on Thursday, following the collapse of FTX-linked Alameda Research and Genesis.
Continuing this trend, data from IntoTheBlock indicates that the balances of these whale accounts and the bitcoins held by long-term investors, called holders, reached new highs on Friday. Such moves are generally interpreted by market analysts as indicators of strategic buying during bear markets or as harbingers of a potential bull market.
Today, the cryptocurrency price reflects market optimism. It approached the $38,000 mark but experienced a slight decline to stabilize around $36,459. Despite this retraction, American traders remain bullish. Their December futures and bullish call options positions on Deribit suggest they anticipate bitcoin’s value could climb to between $40,000 and $45,000.
This accumulation by whales and positive trader sentiment comes at a critical time for the cryptocurrency market, which has been rocked by recent collapses and liquidity crises affecting major industry players. As the market navigates these difficulties, the actions of large investors and the broader trading community will be closely monitored for guidance on the future trajectory of bitcoin.
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