The Bitcoin market is witnessing a shift in dynamics, with major investors strengthening their positions while smaller players noticeably exit the market.
Institutional Wallets Accumulate Bitcoin
In the past 10 days, the number of wallets holding more than 10 BTC increased by 231, representing a 0.15% rise. This indicates that large players are actively accumulating assets as the price of Bitcoin remains stable at around $104.3K.
Decline in Retail Investor Activity
The number of smaller wallets holding between 0.001 and 10 BTC decreased by 37,465 units, equating to a -0.16% drop. This may suggest forced selling and a reduction in confidence among individual investors.
Current Bitcoin Price and Trading Volume
As of June 21, Bitcoin traded at $103,533.13, which represents a slight decline of 0.56% over the last 24 hours. Trading volume also fell by 7.79% to stand at $40.52 billion, indicating a less active market. Nevertheless, Bitcoin's market capitalization stands at $2.05 trillion with a circulating supply of 19.88 million BTC.
Thus, the current situation in the Bitcoin market reflects a delicate balance between the actions of institutional players accumulating assets and the trend of small investors withdrawing, which may indicate upcoming changes in the market.
