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On-chain data from Santiment reveals a striking development in the cryptocurrency world: wallets holding 10 or more Bitcoin have reached their highest level of holdings since two years ago. This alignment suggests a resurgence in investor confidence, with Bitcoin’s market value soaring by an impressive 226% during this period.
There has been speculation about the role of the FTX exchange in suppressing cryptocurrency prices throughout the second half of 2022. Following the collapse of FTX in November 2022, a noticeable pattern emerged linking the holdings of large Bitcoin wallets to the overall market value of the cryptocurrency.
This trend underscores a positive shift in the cryptocurrency market dynamics. The increase in substantial Bitcoin holdings reflects a growing trust in Bitcoin’s long-term value, marking a potentially bullish future for the digital currency.
