Addresses holding over $1m in Bitcoin increased by 2k in 5 days

The number of large Bitcoin holders is increasing as geopolitical tensions in the Middle East ease.

According to data provided by Glassnode, whale addresses holding over $1 million in Bitcoin (BTC) dropped from 111,906 to 107,835 between September 29 and October 2. The sell-off was largely triggered by Iran launching a missile attack on Israel on October 1.

BTC price and whale addresses – October 7 | Source: Glassnode

According to data from Glassnode, as tensions in the Middle East eased, these whale addresses soon began to increase, reaching 109,921 unique wallets on October 6.

The broader crypto market also posted impressive gains over the weekend. According to the Crypto.news report, the global cryptocurrency market value increased by 1.7% in the past day and exceeded 2.3 trillion dollars.

Bitcoin has also gained 1.8% in the last 24 hours and is trading at $63,150 at the time of writing. Its market capitalization is close to $1.25 trillion, with a daily trading volume of $21 billion.

Last week, BTC price fell below the $60,000 region as the Biden administration showed support for Israel’s potential to strike Iran’s oil facilities.

Bitcoin’s price rise has triggered increased liquidations. According to data from Coinglass, total crypto liquidations reached $162 million; BTC tops the list with liquidations of $37 million ($24.3 million in short positions and $12.8 million in long positions).

Large liquidations could potentially trigger a price correction for Bitcoin as the market sees overbought conditions.

In particular, the September 2024 US Consumer Price Index report is expected to be published on Thursday, October 10. The inflation report has proven to significantly impact financial markets such as crypto.

If inflation falls below the expected 2.2%, the US Federal Reserve is likely to see another interest rate cut, which could bring bullish momentum to the market.