On-chain analytics firm Santiment, bitcoin With its price falling below $20,000, it attracted the attention of two important investor groups. announced.
centimentfound that Bitcoin whales and sharks, i.e. addresses holding 10 to 10,000 BTC, received 40,557 BTC worth $821.50 million in the past week.
The firm says that with the heavy backlog from the biggest Bitcoin holders, investors should follow traditional markets for clues about what to expect for BTC.
Bitcoin sharks and whales do not seem to be responsible for a tough week in crypto assets. In fact, addresses holding between 10 and 10,000 BTC collectively accumulated $821.5 million during this mid-scale crash. The thing to watch is the correlation of crypto with stocks.
NEWS CONTINUES BELOW
Koinfinans.com As we reported, traders have focused on Bitcoin rather than altcoins after last week’s pullback, according to the analytics firm. Santiment stated that the change in behavior could be a sign that the crypto market is reversing.
Investors are focusing on BTC again. This is the highest rate of BTC and alt discussions since July 2022. High Bitcoin rhetoric is a sign of fear that can historically turn markets around.
You can follow the current price action here.