Analytics platform Santiment reports a rise in the number of wallets holding at least 10 Bitcoins, reaching a three-month high. This coincides with increased market volatility.
Increase in Wallet Numbers
The number of wallets with at least 10 BTC has reached 152,280, marking the highest figure since March 12. Santiment notes that in volatile market conditions, 'smart money' tends to accumulate during retail panic sell cycles.
Bitcoin Price Dynamics
Over the weekend, Bitcoin dipped below $99,000 due to market uncertainty, briefly testing support at $98,225. However, the drop was quickly reversed, with prices rising above $108,000.
Market Prospects
Currently, the market is in a holding pattern. While the structure remains supportive, a breakout to new highs would require a significant increase in demand and activity. At present, Bitcoin is priced at $107,168, down 0.27% in the last 24 hours. Signs of declining profitability and slowing on-chain activity are becoming apparent, suggesting a possible consolidation phase.
In the current conditions, the market appears to be digesting previous gains while waiting for new momentum and demand. The likelihood of a breakout to new all-time highs remains low for now.
