Bitcoin Elite Wallets Reach Six-Month High Amid Decline in Smaller Holders
Bitcoin's elite wallet count has reached a six-month high, with 90 wallets now holding at least 10,000 BTC. This increase of 6 wallets over the past 8 weeks represents a 7% rise, according to data from Santiment.
The number of micro wallets holding less than 10,000 BTC has been falling in August, attributed by Santiment to retail FUD following the Coldcard hacks and delays surrounding the CLARITY Act. This shift towards stronger hands typically raises the likelihood of a bullish outcome for the next major market fluctuation.
Bitcoin's next move may depend on whether it can clear $65,400, a level that Doctor Profit considers important due to several failed attempts to break above it. A move past this level would not confirm a breakout, but rather requires several weekly closes above it.