Crypto analytics firm Santiment is tracking Bitcoin whales following the recent sell-off that drove the price of BTC to around $30,000 last month. Per its recent report, Bitcoin whales are acquiring more BTC on the price dips as the digital asset fails to reclaim the $40,000 price level.
Data from crypto analytics firm, Santiment shows that large Bitcoin whales recently bought BTC worth nearly $2 billion, signifying whales are adding more Bitcoin to their holdings on the recent price dip
“Bitcoin continues to range in the $37,000 to $39,000 range, but whales are accumulating behind the scenes. Addresses with 100 to 10,000 BTC have added 50,000 total BTC to their wallets or ~$1.95 billion” reads the report.
Besides, the number of wallets holding 100-10,000+ Bitcoins has been on a steady rise for almost three weeks now:
“Bitcoin whale addresses holding 1,000+ BTC are back to holding 7.88 million tokens. This is the largest amount of BTC held by whales since March 14th. This coincides with just 2.65 million BTC held by addresses with 10 or less BTC, their SMALLEST amount in six months.”
At the same time, smaller investors are significantly selling their Bitcoin holdings, Santiment says.
Overall, the activity on the Bitcoin network and rise of the currency in circulation is overall bearish for the network, analysts at the Santiment concluded.
In another part of the report, the Santiment also shared an overview of the Ethereum market suggesting that Ether whale holders are still holding onto their coins that they bought in early October 2020 despite the ongoing stagnation of the digital asset below the $2,800 resistance level.
Ether currently hovers around the $2,449 price mark after establishing a record high of over $4,300 last month, but Santiment says the negative sentiment towards the token might help in driving up its prices.
“Ethereum is +20% over Bitcoin’s +6%, and the crowd’s negative perception toward ETH right now, according to our data, may just be fueling the price higher. We’re seeing commentary is more #bearish than usual, which very often pushes prices upward.”