“Analytics Platform Reports Bitcoin Whales and Sharks Accumulate $7.89 Billion in BTC in Six Weeks—What This Means” – The Daily Hodl
Bitcoin (BTC) whales and sharks have been actively accumulating over the past few weeks, as reported by crypto analytics platform Santiment.
The analytics service indicates that these entities, holding between 10 and 10,000 Bitcoin, have collectively added BTC worth $7.89 billion in approximately six weeks.
“As May unfolds, Bitcoin’s key stakeholders are largely taking positive steps for those hoping for a $100,000 BTC in the near term.
Wallets showing the highest correlation with the overall health of the crypto market (those with 10 – 10,000 BTC) have accumulated an additional 81,338 BTC (+0.61% of their total holdings) during this period of volatility.”
According to Santiment, this accumulation by Bitcoin investor groups is considered a bullish indicator.
“When large wallets gradually accumulate while retail investors are either panicking or selling out of boredom, it typically signals a strong long-term outlook for prices before another breakout.”
The analytics platform also notes that smaller Bitcoin wallets have decreased their holdings as the whales and sharks have been accumulating.
“In contrast, wallets holding less than 0.1 BTC, which often show an inverse and lagging correlation to price, have sold off 290 BTC (-0.60% of their holdings) in the last six weeks.”
Source: Santiment/X
Regarding Bitcoin exchange-traded funds (ETFs) inflows, Santiment states,
“…Bitcoin ETF inflows have surged since mid-April. Since April 16th, a total of $5.13 billion has flowed into various BTC ETFs, boosting the markets.”
As of the time of this writing, Bitcoin is trading at $97,010.
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Disclaimer: The opinions expressed at The Daily Hodl are not intended as investment advice. Investors should exercise due diligence before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please be aware that your transfers and trades are at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it act as an investment advisor. Note that The Daily Hodl participates in affiliate marketing.
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