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Despite Bitcoin rising above $37,000 at the end of last week, the number of losing addresses on the network is still at its highest level since April 2020. The Glassnode platform estimates that the number of wallets suffering losses has reached 13.710 million.
In January, the volume of transactions in the Bitcoin network increased sharply, the researchers found out. More than 65% of transactions involved amounts of at least $1 million.
A similar situation was observed in October 2020, when the BTC rate was in the range from $10,000 to $11,000. This trend indicates a growing institutional acceptance of cryptocurrency, analysts emphasized.
At the end of last week, the WhaleMap team, which tracks whale activity, recorded a sharp drop in the SOPR indicator.
The largest investors sold with a loss of about 45,686 BTC. These whales were buying cryptocurrency at an average price of $47,122 per coin. The sale took place on January 28, when Bitcoin was trading around $36,665.
According to experts, a sharp drop in the SOPR index may signal an imminent change in trend, and indeed, on Sunday, January 30, bitcoin began to add value.
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