Whales are accumulating BTC reserves, while stocks on the stock exchanges are falling to a low point. The market update.

The Bitcoin share price (BTC) gained momentum over the weekend and heralded the new trading week with a 24-hour plus of 2.1 percent. At the time of going to press, the largest crypto currency is quoted at 10,883 US dollars and is up 5.2 percent in a 14-day comparison.

After a mixed month so far, the futures transactions with expiration of the Bitcoin options last Friday put the BTC price back on track. As the transaction ticker Whalemap writes, the bulls have won the important battle for the key mark at 10,500 US dollars for the time being.

Feels like bulls have won. Many supports below at 10407 and 10570 and volume profile support at 10500. Should not be going below 10407 to stay bullish. pic.twitter.com/NJmPqyqp8P – whalemap (@whale_map) September 25, 2020

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If the bulls can continue to keep the Bitcoin price above the important threshold, momentum is building for further attacks on the USD 11,000 mark. The fact that the bulls are already scratching their hooves is shown by the accumulation of large BTC stocks on the part of wealthy BTC investors.

Summer sales at stock exchanges

After the market crash in March tore a deep notch in the curve, the addresses where 1,000 or BTCs are stored have always been rising steadily. With 2,209 addresses, the number reached an all-time high on 3 September. Since then, the number has fallen by 21 addresses, but is still at a high level with currently 2,188 addresses.

Source Glassnode

The fact that the wealthy are accumulating their stocks is demonstrated by the simultaneous decline in reserves at the Exchanges. More than 2.5 million BTC are currently lying on the wallets of the crypto exchanges – almost 400,000 Bitcoin less than at peak times in mid-February.

Small Bitcoin addresses fold in

While the number of large BTC addresses has increased, the small BTC addresses are decreasing. The number of addresses in which 1 or less BTCs are held has risen steadily since the Bitcoin network was established, and as recently as September 16th reached an all-time high of 823,790 addresses.

Since then, however, the curve has bent downwards. Within the last 12 days, the number has fallen by 16,000 addresses. Currently the network counts about 807,660 addresses with 1 or less BTC.

According to Glassnode, however, this is not a cause for further concern. The kink is due to a stock exchange that bundles its holdings and transfers them from several to a single address.

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The recent drop in #Bitcoin addresses holding ≥ 1 $BTC is of no concern and has no relevance regarding network fundamentals.

This was merely an exchange doing inhouse cleaning, and merging a bulk of small UTXOs into separate addresses into a single one.https://t.co/RENZprdE5Q pic.twitter.com/pmDxn9dULF – glassnode (@glassnode) September 25, 2020

The recent decline in #Bitcoin addresses holding ≥ 1 BTC is not a cause for concern and has no relevance to the fundamentals of the network. It was just a stock exchange that did an internal cleanup and merged a lot of small UTXOs in separate addresses into one.

Bitcoin tokens in the DeFi market

The DeFi market continues to write its success story. Even the latest DeFi quarrels about SUSHI and Yearn.finance have not thrown the market off course. With currently more than 11 billion US dollars in Total Value Locked (TVL), DeFi is constantly pushing up its growth curve.

Bitcoin has a significant share in this. According to Defi Pulse, 130,871 tokenized Bitcoin are currently represented on the Ethereum Blockchain. With more than 87,000 tokens, wrapped Bitcoin (WBTC) is by far the largest part of this.

Bitcoin is thus developing into an increasingly important driving force in the field of decentralized finance. An alliance profitable for both sides. Finally, the BTC exchange rate benefits from high market demand.