In recent data unveiled by market intelligence platform IntoTheBlock, it has come to light that deep-pocketed Bitcoin (BTC) holders have made a significant move, amassing over one billion dollars’ worth of the premier cryptocurrency in just a fortnight.
This abrupt accumulation by large Bitcoin holders commenced in mid-August and reflects a growing appetite for the top digital asset by market capitalization.
Adding to this surge in accumulation, blockchain tracking firm Glassnode has shared insights into the number of investors holding substantial Bitcoin amounts. Astonishingly, the count of investors holding 10 BTC or more has surged to over 150,000 individuals, marking a three-year high.
As of the time of this report, Bitcoin is trading at $25,889, displaying a minor dip during the day, yet maintaining its position as the leading cryptocurrency.
Meanwhile, analytics firm Santiment is meticulously observing the overall market capitalization of the top six stablecoins. According to their analysis, the recent upswing in the combined market capitalization of these leading stablecoins hints at a potential turning point in the crypto market.
Over the past 18 months, these six stablecoins have collectively seen a 25.9% decrease in their market capitalization. However, for the first time since the FTX incident in November of the previous year, Santiment reports growth. From August 22nd onwards, the total market capitalization of these stablecoins has surged by a noteworthy $663.2 million.
This data signifies an intriguing shift in the cryptocurrency landscape, as large Bitcoin accumulation coincides with renewed interest in stablecoins, potentially signaling a dynamic and evolving crypto market in the making.