Bitcoin holders are not worried about the range trading of the world’s largest cryptocurrency. The recent data from Santiment shows that Bitcoin whale accounts have increased the accumulation of BTC significantly in the last seven days.
BTC wallets holdings between 100 and 10,000 Bitcoin added approximately 40,000 coins to their holdings over the past week. Large BTC accounts now control nearly 9.1 million coins, which is around 50% of the total supply.
“With Bitcoin ranging between $46k and $48k and a lot of eyes on projects like Solana and Fantom, the BTC whales have steadily added more to their stacks. Over the past week, addresses with 100 to 10k BTC have accumulated 40,000 more coins,” Santiment mentioned.
Bitcoin’s range trading is not the only concern for the world’s most valuable digital asset. The crypto market dominance of Bitcoin has decreased sharply in August due to the spike in different altcoins including Ethereum, Solana, Polkadot and XRP.
The current market dominance of Bitcoin stands at around 42%, which is down by more than 6% compared to July 2021. On the other hand, Ethereum’s market dominance has reached 19.6%, its highest level in 8 weeks.
Stable Range Trading of Bitcoin
Commenting on the recent range trading of Bitcoin, Simon Peters, Market Analyst at eToro, said: “Bitcoin began the week above $49,800 but saw its price sink to below $47,000 midweek. It then rallied quickly to reach $49,566 on Sunday. But, at the time of writing the world’s largest crypto asset is back down, trading just above $47,000. BTC, having rallied from the beginning of August below $40,000 has been in a relatively stable range above $47,500 since 21 August.”
Bitcoin exchange inflows jumped significantly during the last week. On 25 August 2021, leading crypto exchanges saw inflows of approximately 1.68 million BTC, which is the highest level since 19 June 2019. Despite the recent surge in exchange inflows, the price of the most dominant digital currency remained stable above the $47,000 level.