The price of Bitcoin BTC/USD has been struggling to break out of its current trading range as a result of a long battle between its small investors and its large ones.
What Happened: On-chain divergence between whales — those who hold over 1,000 BTC — and fishes — those who hold relatively less than 1,000 BTC — has been persistent, as Bitcoin stays within the $18,000 to $20,000 range.
Fishes have been on a spree of accumulating BTC, as the net Bitcoin supply held by addresses with 100 to 1,000 BTC balances increased from 3.71 million in June to 3.77 million in October, according to Glassnode data.
See Also: Is Bitcoin A Good Investment?
The quantity of Bitcoin held by addresses holding between 10 and 100 BTC has increased from three million in June to 3.15 million in August. During the same time period, the quantity of BTC held by whales declined. Addressing holding BTC in the range of 1,000 to 10,000 have dropped from 3.82 million to 3.69 million since June.
Price Action: At the time of writing, Bitcoin traded at $19,318.57, up 0.59% in the last 24 hours. The second largest cryptocurrency Ethereum ETH/USD is trading at $1,344.92, up 2.39% in the last 24 hours, according to data from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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