Bitcoin traded marginally up in the last 24 hours at $39,082
According to Santiment data published by an eminent crypto analyst, retail Bitcoin holders or addresses with 0.1 to 1 BTC have added over 14,000 BTC in the last 24 hours. Bitcoin price retested lows of $37,592 on March 7 before bouncing back to hit intraday highs of $39,299 at press time.
On the other hand, Bitcoin whales, or addresses with 100 to 10,000 BTC, have maintained their holdings at an average of 9.16 million BTC. As previously reported by U.Today, retail interest might be returning to the Bitcoin market as the aggregate balance held by addresses with 0.1 to 1 BTC rose to record highs of over 780,000 Bitcoins.
This is supported by strong growth in February for small Bitcoin addresses holding up to 1 BTC, or up to around $40,000 worth of Bitcoin, according to IntoTheBlock data.
At press time, Bitcoin traded marginally up in the last 24 hours at $39,082, according to CoinMarketCap data.
Bitcoin Sees Largest Weekly Inflow of Institutional Funds
Despite the lackluster market performance, the digital asset market saw substantial inflows totaling $127 million in the past week alone, according to a CoinShares report. Last week, Bitcoin received $95 million in inflows, the highest weekly inflow since early December 2021.
Inflows into digital assets increased, compared to the previous week, owing to a minor recovery on the Bitcoin market. Purpose ETF appeared to be the largest inflows provider for the cryptocurrency market with a $130 million investment in the last week only. CoinShares XBT was the biggest loser, with $21 million being withdrawn from the market by the fund’s customers.
The return of institutional investors to the crypto market could mark the start of a comeback after a more than three-month downturn that saw most digital assets lose 50% of their value.
