INCREASE IN BITCOIN ACCUMULATION
The number of Bitcoin wallets waiting out for one BTC reached a new high of roughly 2 million, according to data from on-chain analytics business Glass Node last week. Many people are surprised by the news because the cryptocurrency market has been in free fall since last November, and the bear market may still be developing. A Bitcoin whale is a wallet address that has more than 1,000 BTC, as you probably already know. You should be aware that there are further subcategories in this region, including Bitcoin Shrimps (wallets that can store up to one bitcoin) and Bitcoin Crap (wallets that can store between one and ten bitcoins).
Since the FTX crash, Bitcoin Shrimps have amassed about 100,000 Bitcoin, which is a record amount of accumulation for Bitcoin Shrimps, according to glass node. Since the fall of FTX, Bitcoin garbage has accumulated about 200,000 BTC, which is a record amount. We don't know for sure why there has been such a rise in BTC prices in recent weeks, but it's possible that this is because the majority of cryptocurrency owners think we have already reached the bottom.
People are assembling Bitcoins for a variety of reasons, including regulation. You may be aware that since FTX and Alameda Research failed, the crypto business has come under intense scrutiny to the point where the commissioner of the CFTC just said that BTC is the only commodity in crypto. People are also acquiring Bitcoin because of how dysfunctional the financial sector is and how much worse it is getting every day. Of course, Bitcoin is the way out of this catastrophe in the financial sector.
The European Central Bank likely feels that because cryptocurrency acceptance has continued despite the currency crisis, it is time to publicly trash-talk Bitcoin in a blog post. It's because the ECB doesn't want any rivals to the digital Euro to emerge. Because of this, the ECB has treated stablecoin harshly but hasn't tethered Ethereum. The Euro stablecoin used by the circles is the reason. Now, cryptocurrency projects based on other cryptocurrencies are finding a home on the Ethereum network. The biggest of these is Fanto wallet, which, like some others, is incorporating functionality for Ethereum and its Polygon sidechain.
Despite in the bear market, many investors are taking the opportunity to accumulate BTC. Thanks for sharing this interesting content.