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BTC Price Soars Above $42K, Bitcoin Rising Wallet Now Worth $68B With 1.7 Million BTC

After dropping below the $39,000 mark earlier this week, it bounced back above $42,000.

The subsequent increase in bitcoin selling pressure was worrisome, but the overall sentiment seemed to remain bullish. CryptoQuant CEO Ki Young Ju said that bitcoin rising wallets currently hold 1.7 million bitcoins, worth $68 billion.

This trend signals that investors have cast a strong vote of confidence and growing trust in the leading cryptocurrency asset. With the support of a large number of wallets that hold bitcoin, the trend of holding bitcoin as a store of value or a long-term investment is evident. In addition to showing investors’ confidence, the accumulation mode of bitcoin potential also implies a reduction in market supply, which may push up prices.

It is worth noting that the inflow of bitcoin to rising wallets has reached a peak in five years, including transactions from custody services such as Coinbase Custody, which marks another important milestone in the development of cryptocurrency. The recent downward pressure can be attributed to the intensified selling activities of important bitcoin holders such as sharks and whales, who try to profit by selling their bitcoins on the trading market. However, as the fourth halving event is expected to occur in April this year, the stable accumulation of some other entities is expected to push up the value of bitcoin. Meanwhile, the number of active bitcoin addresses also exceeded one million, indicating that the participation and use of cryptocurrency assets are increasing. Special offer (sponsored) Binance free $100 (exclusive): Register with this link to get $100 for free and enjoy a 10% fee discount on Binance contract trading for the first month (terms).

Sentiment: Positive

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