Bitcoin Supply Hits All-Time High Amid Whale Movement

Bitcoin Whale Movement Captivates Crypto Community

A notable event in the crypto world occurred when a whale address, inactive for over a decade, transferred 1,037.42 BTC, valued at $30 million, to a new address. This transaction, marking the first activity from this holder since 2012, drew significant attention. The whale originally acquired these BTC at just $4.92 each, witnessing a staggering 606,000% increase in value. This movement suggests the whale's confidence in Bitcoin's market growth as it aims to reclaim the $30,000 mark.

Record High in Long-Term Bitcoin Holdings

Despite the large-scale transfer, the supply of Bitcoin last active for over five years has reached an all-time high. Glassnode reports that 29.126% of Bitcoin's supply has remained untouched for this period, the highest ever recorded. This trend indicates a strong belief in Bitcoin's long-term potential among investors. Long-term holders appear less inclined to sell at current prices, contributing to a supply shortage that could drive prices upward as demand increases.

Bitcoin Network Resilience and Market Dynamics

The Bitcoin network continues to demonstrate resilience, with its block height surpassing 800,000. This milestone emphasizes the network's robustness as it strives for growth. Currently, Bitcoin is consolidating between $29,500 and $30,000, after facing resistance to maintain levels above $30,000. As of the latest reports, Bitcoin trades at $29,746, reflecting a slight decline of 0.61% over the past 24 hours.

The ongoing consolidation and the high percentage of long-term holdings underscore a potential for future price appreciation, driven by limited supply and sustained investor confidence in Bitcoin's enduring value.