Bitcoin 'shrimps,' wallets holding over one Bitcoin, have been steadily accumulating the asset, mirroring the 2017 bull run cycle. This accumulation, coupled with renewed confidence from long-term holders, points towards a potential surge in Bitcoin's price.
Data reveals that wallets holding over one Bitcoin , often referred to as 'BTC shrimps,' have been consistently accumulating the asset over time, now controlling a notable portion of its supply. This trend of accumulation by large wallets has coincided with Bitcoin 's price mirroring the 2017 rally cycle , which saw the asset experience significant upward momentum. Notably, this recent movement has helped limit Bitcoin 's losses over the past week and month to within a 6% drawdown range.
Historical patterns suggest that Bitcoin remains positioned for a potential surge as investors continue to steadily accumulate the asset.According to data from Glassnode, after a period of heavy distribution marked by significant Bitcoin selling as the asset approached its all-time high of $108,353, BTC shrimps have resumed accumulation. The data reveals that this cohort has significantly increased their holdings, accumulating an average of 17,600 BTC monthly. This brings their total share to 6.9% of the circulating Bitcoin supply. This accumulation trend indicates a potential bullish outlook for the market, as investors continue to build their positions despite recent volatility. A closer analysis suggests that the recent shakeout could be part of a broader setup for an impending bull run, closely resembling the 2017 rally.Recent data suggests that Bitcoin's current market cycle is closely mirroring the trajectory of its 2017 bull run. This comparison reveals that Bitcoin has consistently followed a similar pattern. If this trend continues, Bitcoin could significantly surpass its current All-Time High (ATH). However, while the overall trajectory aligns with 2017, there have been occasional divergences in the price movement. According to CryptoQuant's Binary Coin Days Destroyed (Binary CDD), an indicator that tracks Long-Term Holder (LTH) activity based on binary values of 1 and 0, Bitcoin holders are showing renewed confidence in the asset. A reading of one indicates LTHs are moving their assets, potentially for selling, while 0 reflects confidence, with holders opting to retain their Bitcoin. As of press time, Bitcoin's Binary CDD stood at zero, signaling that long-term holders were accumulating rather than selling. The funding rate, which turned positive, has climbed to its highest level in four days. It rose from approximately 0.00393 on the 10th of January to 0.0124, at press time. With ongoing buying activity in the perpetual market, long-term holders maintaining their positions, and gradual accumulation by investors over recent months, Bitcoin appears poised for a bullish rally
Bitcoin Accumulation Bullish Outlook 2017 Rally Cycle Long-Term Holders BTC Shrimps
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