Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
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BTC Whale Addresses Hit Record Highs amid the Cryptocurrency’s Market Resurgence
Per the latest data from analytics firm Glassnode, the number of addresses holding addresses 100-10,000 BTC have hit the 9.23M mark for the first time in history. The significant increase in active addresses comes as more whales move into trading the flagship cryptocurrency following a renewed bullish trend.
The blockchain analytics platform shows that active BTC entities jumped 30% at the end of July to reach 325,000 active users, matching levels maintained in July of last year.
Santiment, a crypto analytics firm, highlighted that the remarkable uptick in the number of active bitcoin users came alongside a heavy accumulation of the world’s leading crypto by investors in late July.
Santiment insights show that big-money investors held BTC worth $364 billion at the start of August. That is a new record for this group of market participants, who have now broken above levels they accumulated on April 5 before bitcoin prices logged a new all-time high above $64K.
Despite the resurgence of inactive entities, BTC prices have dipped below $40K as the market cools off following last week’s impressive run that saw the coin log consecutive10-green-daily-candles.
Institutions are Diversifying into Altcoins
Despite bitcoin’s growing momentum in recent weeks, institutions continue to profit from their holdings after the mid-May market downturn.
According to CoinShares data, institutional outflows from bitcoin-focused funds declined for the fourth consecutive week on July 31, resulting in overall digital asset investments across major investment funds falling by $20M.
Meanwhile, multi-asset investment products across major fund providers saw weekly inflows of a cumulative $7.5M, indicating that institutions diversify BTC holdings into altcoins.
That said, MicroStrategy CEO Michael Saylor is still keen on hodling the king coin for the long-term, even as some institutional players offload their reserves.
In an interview with Bloomberg TV, the fierce bitcoin bull defended his bet on the world’s first cryptocurrency. He asserted that his firm was pursuing a low-risk strategy that would gain the highest upside in the long run.
“We can see Bitcoin on the balance sheets of cities, states, governments, companies, small [and] big investors. Ultimately, Bitcoin is going to be the core to tech innovation at Apple, Amazon, and Facebook, so we want to be holding the Bitcoin,” Saylor explained.
ETH Price Rallies Above Key Resistance
Ether, the world’s second-largest cryptocurrency, managed to outperform bitcoin once again after forming a strong support base above $2,400. The altcoin surmounted the $2,550 resistance and surged towards $2,700 before parrying some of its gains.
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ETH/USD is up nearly 2.5% at press time to change hands for $2,645, per data from leading crypto ranking site coinmarketcap. However, the ETH price needs to continue higher above the $2,600 level to open the door for more gains in the near term.
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