Traders have started to sell off their assets as the price of Bitcoin dipped to new lows on June 18th. The leading cryptocurrency in the market hit its lowest point in a month today, failing to maintain momentum above $67,000 and instead trading around the $64,000 mark.
According to Santiment analysts, Bitcoin holders saw a significant decrease in non-empty wallets over the past three days, a trend similar to what occurred just before the cryptocurrency’s all-time high on March 14th. Unlike the previous peak, Bitcoin has been on a downward trend, prompting traders to sell off their holdings out of fear of further losses. On the other hand, the number of Ethereum wallets continues to rise.
Analysts also pointed out that portfolios holding 10 or more Bitcoins now hold the same amount as they did exactly two years ago. Despite a 226% increase in Bitcoin’s market value since then, there seems to be a correlation between portfolios with more than 10 BTC and the overall market value of the currency, especially following FTX’s collapse in November 2022.
Cryptocurrency analyst Ali Martinez highlighted a significant movement in the market, with large addresses accumulating approximately $840 million worth of Bitcoin in the last 24 hours.
As of the time of writing, the price of Bitcoin stood at US$65,406.81, representing a 0.5% decrease in the last 24 hours.
Please note that the opinions expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
In other news, MicroStrategy plans to raise $500 million to purchase more Bitcoin, and there are bullish forecasts for Bitcoin, Ethereum, Shiba Inu, and Solana.