LONDON (IT BOLTWISE) – The Bitcoin market is currently experiencing a significant shift as approximately 62,000 BTC have been withdrawn from long-term holder wallets. This move could influence the momentum for future price rallies as illiquid supply decreases. At the same time, data shows that so-called ‘whale wallets’ have increased their holdings during this phase.
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The Bitcoin market is set for a notable change as approximately 62,000 BTC have been withdrawn from long-term holder wallets, according to Glassnode data. This move, seen since mid-October, has reduced Bitcoin’s illiquid supply and could impact the market’s ability to mount a price rally. The current Bitcoin price is around $113,550, down from its all-time high of over $125,000 in October.
Interestingly, so-called ‘whale wallets’ have increased their holdings during this phase. Glassnode reports that these large investors have not sold their positions significantly since October 15th. This is in contrast to smaller wallets that hold between $10,000 and $1,000,000 in BTC and have been selling continuously since November of last year.
The current market situation shows that momentum buyers have largely exited, while buyers speculating on a price decline have not entered in sufficient quantities to absorb the supply. This has created pressure on prices that could continue until stronger spot market demand returns. The drop in Bitcoin price is accompanied by a similar drop in the percentage of circulating BTC that is in profit.
A report from Fidelity Digital Assets estimates that about 42% of the total Bitcoin supply could be considered illiquid by the second quarter of 2032 if current trends continue. This development could bring Bitcoin’s scarcity to the fore, especially as adoption by nation states increases and the regulatory environment evolves.
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