As the price of Bitcoin plummeted to new lows on June 18th, traders rushed to sell off their holdings. The market’s leading cryptocurrency hit its lowest point in a month, struggling to maintain momentum above $67,000 and settling around the $64,000 mark.
According to Santiment analysts, Bitcoin holders witnessed the largest three-day decrease in non-empty wallets since the cryptocurrency’s all-time high on March 14th. The current downward trend has sparked fears among traders, leading to a wave of liquidations, while the number of Ethereum wallets continues to rise.
Furthermore, analysts pointed out that portfolios holding 10 or more Bitcoins now mirror the same levels as two years ago. Despite a significant increase in Bitcoin’s market value, many attribute a correlation between FTX’s price manipulation in late 2022 and the subsequent collapse of the exchange. This has led to an observable link between large Bitcoin portfolios and the overall market value of the currency.
Cryptocurrency analyst Ali Martinez highlighted a substantial movement in the market, with large addresses accumulating approximately $840 million worth of Bitcoin in the last 24 hours.
At the time of writing, the price of Bitcoin stood at US$65,406.81, reflecting a 0.5% decrease over the past 24 hours.
Disclaimer: The opinions expressed in this article are for informational purposes only and should not be considered as financial advice. Investing in cryptocurrencies carries inherent risks of financial loss.
In other news, MicroStrategy aims to raise $500 million to purchase more Bitcoin, while a bullish outlook is forecasted for Bitcoin, Ethereum, Shiba Inu, and Solana.