10,000 BTC Wallets Pack 212,450 BTC to Reach 6-Year High

In an impressive turn of events, wallets holding 10,000 or more Bitcoin (BTC) have reached their highest accumulation levels in the past six years. Data from Santiment reveals that these substantial wallets now contain over 3.19 million coins, a milestone not seen since November 2018.

In the last six weeks, these large BTC holders have significantly benefited from the market’s volatility. Amidst fluctuations in Bitcoin’s price, these wallets have acquired an astonishing 212,450 BTC, representing an increase of 1.05% of the total Bitcoin supply.

Analysis from Santiment indicates that these large addresses are likely dominated by exchange liquidity providers, who play a vital role in ensuring the liquidity of Bitcoin across various trading platforms.

### What’s Next for BTC Price?

Recently, Bitcoin’s price dipped to $53,500 per coin, a level not seen since February. However, it rebounded somewhat and was trading at approximately $57,932.57, down 3.4% at the time of reporting.

Bitcoin reached an all-time high of more than $73,700 in March when the Securities and Exchange Commission approved the first U.S. spot Bitcoin exchange-traded fund (ETF).

Since that peak, Bitcoin has been consolidating within a narrow range of $60,000 to $70,000, resulting in a sense of investor apathy and boredom. This has led to widespread indecision in the market, preventing the establishment of a strong trend in either direction.

According to Glassnode, the True Market Mean is currently at a Bitcoin valuation of $50,000, reflecting the average cost basis per active investor. Maintaining this level is crucial for the market to sustain a macro bull trend moving forward.