The number of Bitcoin (BTC) addresses with more than 1,000 BTC has reached an all-time high, indicating resilience among large holders despite the crypto’s recent performance following ETF approval.
According to the most recent IntoTheBlock data, Bitcoin was trading at $41,760, a 15% drop from its peak of $48,625 just a day after exchange-traded funds (ETFs) were approved.
Despite the market’s bearish sentiment, significant BTC whales with holdings of more than 1,000 coins have increased their accumulation efforts, indicating a strong belief in the asset’s long-term potential.
On the other hand, investors with BTC holdings ranging from 1 to 1,000 coins have adopted a different strategy. In recent days, this segment of the market has been seen reducing their BTC holdings, indicating a cautious approach in the face of ongoing market volatility.
According to Santiment’s data, this group of BTC investors began distributing their coins on January 5.
This move could be attributed to a report published two days prior by Matrixport, a crypto investment services provider, which may have influenced their decision.
