Major Bitcoin holders accumulate 133,300 BTC as smaller traders sell off, signaling potential bull market.

From Investing.com

August 29, 2024 3:30:20 pm:

Wallets holding between 10 and 10,000 BTC have acquired an additional 133,300 coins, as smaller traders sell off their holdings. Major holders are strategically accumulating Bitcoin, increasing their market share to 66.6%. BTC price is up 3.55% to $60,898. Bitcoin reserves on exchanges have hit yearly lows, signaling reduced selling pressure and favoring a potential bull market.

The drop in reserves could be due to increased self-custody practices, with investors moving Bitcoin to cold wallets for long-term holding. Investors holding assets in cold storage solutions may be anticipating future price increases, leading to decreased liquidity on exchanges. This trend may result in a more stable market less prone to panic selling by long-term holders dominating the market.

Read more at Investing.com: 133,300 BTC Scooped up by Major Bitcoin Holders: Details By U.Today