From Investing.com: 2024-07-06 20:30:18

Wallets holding 10,000 BTC or more reach six-year high, now holding over 3.19 million coins, last seen in 2018. Large wallets accumulated 212,450 BTC in six weeks, representing 1.05% of total supply. Analysis suggests these wallets are likely exchange liquidity providers crucial for Bitcoin trading platforms.

Bitcoin price drops to $53,500, lowest since February, before recovering slightly to $57,932.57. Bitcoin hit all-time high of $73,700 in March after SEC approval of U.S. spot Bitcoin ETF. Prices have since consolidated between $60,000 and $70,000, leading to market indecision and lack of strong trends.

Glassnode reports True Market Mean for Bitcoin at $50,000, representing average cost basis per active investor. Market needs to stay above this level for macro bull market to continue. Bitcoin price remains volatile, influenced by market apathy and boredom, unable to create strong trends.

Read more at Investing.com: 10,000 BTC Wallets Pack 212,450 BTC to Scale 6 Year High By U.Today