- BTC has remained above $66,000.
- Small BTC wallets have been dumping more coins over the past week.
Bitcoin [BTC] is trading above $66,000 and trying to climb back to its recent all-time high. Despite these recovery efforts, small pockets have sold off their holdings.
However, overall BTC accumulation has continued, indicating that larger investors or institutions are still buying despite the sell-off from smaller wallets.
Small Bitcoin Wallets Dump Assets
According to new data from Santimentsmall Bitcoin wallets have been selling off their holdings in recent weeks.
Analysis of the total number of holders showed that more than 182,000 holders sold their holdings in the past week.
The chart indicated that wallets holding less than 0.1 BTC reduced their holdings by 0.46% over the past week. This decline could be due to small wallets trying to make a quick profit.
Source: Santiment
Despite this decline, the pattern of selling small wallets and accumulating large wallets is generally considered a bullish sign.
Analysis of wallets holding 1,000 or more BTC showed that the volume of these wallets has increased recently. At the time of writing, the total number of Bitcoin holders was approximately 53.8 million.
Bitcoin continues to see negative net flows
Analysis of Bitcoin’s exchange netflow revealed that it has recently experienced the highest negative volume.
On May 15, the net flow was -22,359 BTC, the highest since December 2023. The chart indicated that the net flow has remained negative since then, meaning more BTC is being withdrawn from the exchanges than is being deposited.
This suggests that despite the sell-off of small BTC portfolios, there is significant ongoing accumulation.
Source: CryptoQuant
This trend is generally a bullish signal, indicating confidence among larger holders and a reduction in available supply on the exchanges. Consequently, price developments could benefit from this increased accumulation.
BTC is struggling to stay above $66,000
A look at Bitcoin on a daily time frame showed that it recently entered the $66,000 price zone and is struggling to hold it.
According to AMBCrypto’s analysis, Bitcoin was trading around $66,700, which is up about 0.7% at the time of writing.
Source: TradingView
Read Bitcoin (BTC) price prediction 2024-25
The chart indicated that Bitcoin recently turned its short-term moving average (yellow line), which had previously acted as resistance, into support.
The immediate support level at the time of writing was around $64,000.