Bitcoin millionaires are sticking with their coins even as the value continues to surge, refusing to cash in on a windfall that would make all of our wildest dreams come true. Bitcoin is still soaring and those who have between 100-10,000 BTC sitting around aren’t ready to let go just yet.
Some have speculated this may be due to a belief that Bitcoin will continue to increase exponentially and they want it all. While others believe there is an ulterior motive behind these billionaires’ decision-making process which cannot yet be known for sure.
But many people seem skeptical of those arguments as well because if someone had insight into what would happen with bitcoin prices then why wouldn’t he just sell his coins? The real reason could lie anywhere but one thing’s certain: we’ll never know until the day comes when these ultrahigh net worth individuals start dumping their holdings.
Not Ready to Cash Out
Bitcoin whales have been playing an interesting game of hot potato with their Bitcoin. In the last five days, they’ve added 100,000 BTC to their holdings while simultaneously dumping them on exchanges for quick profits and strategic long-term investments alike.
Bitcoin millionaire addresses are now holding 9.23 million coins, which is the highest level on record according to Santiment’s latest data postings. The overall BTC network activity has increased substantially in recent days making it prime time for traders who want to profit from this increasing trend.
This is especially since Bitcoin millionaires have been slowly selling off their holdings over the last few weeks as reported by other analytics platforms that monitor these types of trends such as Blockchain Intelligence Group and Chainalysis.
The Bitcoin millionaires who have held their coins for the past couple of weeks are doing just fine. If the latest highlights by Santiment are anything to go by, these people account for 9.2 million bitcoins, which is a new record!
Bitcoin has been on a steady rise since July 20th, when it reached its lowest point at $29,000. Its recent peak of $45,000 was temporarily followed by another spike up to an impressive value of over half a million dollars! Now the crypto market dominance stands just below 50%.
The crypto market dominance is all tied up 46-46 between BTC and Ethereum these days so keep your eyes peeled for any breakouts or trends coming out of either camp.
People are not spending their Bitcoin, and the only reason for this is that they’re holding onto them. The last few days have seen a sudden surge in the amount that Bitcoin’s greatest backers are holding, but there’s no corresponding rise on the other side; people aren’t cashing out their Bitcoins to spend them elsewhere.
People have been hoarding Bitcoins because of its recent spike in value over time, but there’s no need to worry as it will eventually come back down to Earth and be just another average currency again.
Bitcoin prices have been on the rise recently. Despite that, traders are not spending their old coins in any significant way to support its price increase and help keep the market afloat during this time of struggle.
Bitcoin is a currency, unlike most others – its value does not come from an economic institution or government oversight but instead relies entirely upon how useful people think bitcoin will be as we progress into future technology-driven times together.
Bitcoin holders still won’t cash out, and this is a bullish sign for BTC. Last week we saw an increase of 30% in Bitcoin address activity due to the latest jump in digital currency market cap which has now reached $1.75 trillion total value overall!