Bitcoin (BTC) has faced a challenging week as it struggled to maintain its recent momentum, despite some positive developments in the cryptocurrency space.
According to data from CoinGecko, the leading cryptocurrency is currently trading at around $28,179, which is down about 2% over the last seven days.
However, the latest on-chain data reveals that Bitcoin investors remain unfazed by the recent sideways trading.
According to blockchain intelligence firm Santiment, the number of addresses holding at least 10 BTC has reached an all-time high of 157,400.
This represents an increase of 8.12% from early 2022, when there were around 146,000 such addresses.
Santiment also noted that 16 additional addresses holding between 100 and 1,000 BTC were created on October 14th – the largest single-day spike for this group of investors since February of this year.
The analytics platform cited that this demonstrates a steady trend of Bitcoin accumulation by both large and small investors despite market volatility.
While the price has struggled to build momentum above $28,000 over the past week, some positive regulatory developments may support sentiment looking ahead.
However, the United State Securities and Exchange Commission (SEC) recently announced that it would not appeal a court decision that went against the regulator in its legal battle with Grayscale regarding the Grayscale Bitcoin Trust.
Many industry participants viewed this as a tentative green light for a spot bitcoin ETF in the US, which is seen as a potential catalyst for significant new inflows into bitcoin from institutional investors.
For now, bitcoin remains range bound between roughly $26,500 and $28,000 as traders assess the overall state of markets amid high inflation and recession fears.
However, on-chain data clearly shows long-term bitcoin investors remain confident in its outlook and continue accumulating on weaknesses.
With whale wallets rapidly expanding and no significant spending from long-term holders, the foundations appear solid for bitcoin to resume its upward trajectory once macroeconomic headwinds subside.
Also Read: Ex-White House Communications Director Bullish on Bitcoin
