Bitcoin has declined over the past several days as bears remained vigilant near $70,000. As a result, the premier cryptocurrency has shed more than 4% over the past week and was trading near $66,000 at the time of writing.
Zooming out to June 16, 2024, wallets with 10+ BTC currently hold 16.16 million BTC, which represents 82% of the total bitcoin supply. “But since the exchange’s collapse in November 2022, there has been an undeniable semblance of correlation between 10+ BTC wallet holdings and the coin’s overall market value.”
As such, Santiment’s data suggests FTX’s activities may have been an anomalous factor influencing crypto prices until its failure, after which whale wallet holdings have reverted to being a stronger indicator of market trajectory.by Caroline Ellison, the former CEO of FTX’s sister hedge fund, in the dramatic FTX trial last year. She claimed that the disgraced FTX founder had conspired with her to manipulate and keep the bitcoin price below $20,000 using customer funds.