The price of Bitcoin BTC/USD is struggling to break out of its current trading range following a long battle between its small and big investors.
What happened: Chain divergence between whales – those who hold more than 1,000 BTC – and fishes — those holding relatively less than 1,000 BTC — has been persistent as Bitcoin remains in the $18,000-$20,000 range.
Pisces has been on a BTC accumulation frenzy as the net supply of Bitcoin held by addresses with 100 to 1,000 BTC balances rose from 3.71 million in June to 3.77 million in October, data shows. from Glassnode.
See also: Is Bitcoin a good investment?
The amount of Bitcoin held by addresses holding between 10 and 100 BTC rose from three million in June to 3.15 million in August. During the same period, the amount of BTC held by whales has decreased. Addressing BTC holdings in the 1,000-10,000 range has dropped from 3.82 million to 3.69 million since June.
price action: At the time of this writing, Bitcoin was trading at $19,318.57, up 0.59% in the past 24 hours. The second largest cryptocurrency Ethereum ETH/USD is trading at $1,344.92, up 2.39% in the past 24 hours, according to data from Benzinga Pro.
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