Bitcoin makes history: 912,626 BTC were traded in the $42,560 price range

Bitcoin (BTC), the largest cryptocurrency by market capitalization, made history with recent trading near the $42,560 range. According to analyst Ali, an impressive total of 912,626 BTC were traded within the $42,560 price range, marking this as the most significant zone of interest for Bitcoin to date.


Bitcoin price broke above $43,000 during Friday's trading session as the cryptocurrency recovered from Thursday's low of $41,846. Currently, Bitcoin has fallen below Friday's high of $43,700, but the bulls have not given up completely. At the time of writing, BTC is hovering around the $43,000 mark.
Overall, Bitcoin price has been trading in a range since mid-January, fluctuating between $40,144 and $43,872. According to onchain data, Bitcoin is experiencing one of the most significant accumulation streaks in nearly three years. In the past 24 hours, Riyad Carey, a Kaiko researcher, reported a purchase of 600 BTC on Coinbase worth $25 million.
Notably, Bitcoin's accumulation trend score has been at 1 for the previous 4 months, suggesting that larger entities are accumulating BTC. According to Glassnode, Bitcoin's price performance since the 2022 low is surprisingly comparable to previous cycles, despite a slower but more resilient recovery.


Despite the small increase in old coin spending following ETF approval, the majority of long-term Bitcoin investors are still unwilling to sell at current levels. Bitcoin's actual capitalization is still only 5.4% below its previous ATH of $467 billion, and it is currently seeing strong capital inflows.


However, the time it took for this recovery to accelerate was significantly longer than in previous cycles, likely due to significant excess supply from trades such as the GBTC arbitrage.

Large wallets move BTC

Data from Santiment shows that some of the largest investors took advantage of a period of low BTC price volatility to move a large portion of their holdings.
The analytics firm highlighted a decline in certain wallets holding between 100 and 1,000 BTC, down 1.1% in less than a week.



Furthermore, the number of wallets fell to 13,735 – the lowest since November 2022 – as BTC prices crashed amid FTX's bankruptcy and the shockwaves it sent across the industry.
However, while these more retail-oriented investors sold their assets after the ETF was approved in the US, whale behavior was exactly the opposite.
During the same 6-day time frame, Bitcoin whales holding between 1,000 and 10,000 BTC, increased their coin reserves by 2.5%. In other words, 47 such new wallets were created in less than a week. The number of whale wallets now stands at 1,958 – the highest since November 2022.