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Bitcoin whale reserves hit 29-month low; Have we reached the end of the surrender phase?

ذخایر نهنگ‌های بیت کوین به پایین‌ترین حد خود در ۲۹ ماه گذشته رسید؛ به پایان فاز تسلیم رسیده‌ایم؟

Bitcoin is now trading above the $19,000 range after a significant price decline over the past year. However, such data shows that the holdings of Bitcoin whales have been steadily declining over this period. Does the examination of this index along with other data show that we have reached the end of the surrender phase of investors?

To Report Cryptoglobe, according to a tweet published by the analysis company Santiment, the amount of Bitcoin reserves of whales has decreased in the last 11 months; Because the fear of inflation and stagnation in the financial markets is still increasing.

According to the company, addresses holding 100 to 10,000 bitcoins have seen their share of the total supply drop to a 29-month low. The last time whales had such a small amount of Bitcoin was in April 2020 during the sell-off caused by the Covid-19 pandemic.

Chart of addresses that hold 100 to 10,000 bitcoins
Chart of addresses that hold 100 to 10,000 bitcoins

Additionally, Glassnode data shows that the number of loss-making addresses on the Bitcoin network has reached an all-time high of around 19 million addresses. This index had previously reached its highest historical level in July. Also, as the supply of dormancy increases, activity across the Bitcoin blockchain has also declined.

Bitcoin whale reserves hit 29-month low;  Have we reached the end of the surrender phase?
The graph of the number of Bitcoin addresses that lost money (7-day moving average)

CryptoGlobe’s report of Bitcoin blockchain data also revealed that an anonymous whale that has not been active for the past decade has moved 510.65 Bitcoins worth about $10 million. This means that some long-term Bitcoin investors are moving their accumulated holdings in a bear market.

While the data seems to be showing signs that cryptocurrency investors are giving up, some analysts are still optimistic about Bitcoin’s price growth. Bloomberg commodity strategist Mike McGlone recently said that the price of Bitcoin and US Treasuries have fallen sharply amid the Fed’s tightening measures to contain the semester.

While commodity prices have increased since the beginning of the year due to macroeconomic factors and Russia’s attack on Ukraine; Bonds, stocks and cryptocurrencies have all fallen. The analyst noted that as the Federal Reserve continues to raise interest rates, investors should expect more price correction in the process.

Contrary to Bitcoin’s poor performance since the beginning of the year, McGlone has reiterated that he believes the price of this largest digital currency in the market will reach $100,000. According to this analyst, although it is certain that the price of Bitcoin will reach 6 digits, the timing is not clear.

It is interesting to note that the number of addresses that have more than 0.01 bitcoins has reached its highest level. This shows that small investors who were on the sidelines are entering the market.

Bitcoin whale reserves hit 29-month low;  Have we reached the end of the surrender phase?
Chart of addresses that have more than 0.01 bitcoins

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