crypto analytics firm centimentaccording to Bitcoin (BTC) whales interpreted the recent declines as a buying opportunity and bought a huge amount of BTC.
Centiment, 100 to 10,000 BTC He shared on his Twitter account that active Bitcoin whale addresses holding holding have accumulated about 40,000 BTC during the price drop last week. Bitcoin, at $56,588 at the time of writing, indicates that the amount the whales are buying is currently worth about $2.26 billion.
Santiment also emphasized that Bitcoin supply continues to diverge from exchanges despite the recent bearish trend, which has reduced the risk of mass selling.
📉 #Bitcoin has sunk -5.5% in the past 24 hours and is on the verge of dropping below $56k once again. Despite this, $BTC‘s supply continues moving away from exchanges, lowering selloff risk. $USDT also remains high on exchanges, indicating high buy power. https://t.co/wWHIdYxzNs pic.twitter.com/4dkr086zqM
— Santiment (@santimentfeed) November 22, 2021
Bitcoin’s current ‘social sentiment’ is at its lowest level in seven weeks, according to Santiment.
The firm’s ‘weighted sentiment monitor’ is a system that analyzes positive and negative comments surrounding a crypto asset. Santiment interprets that when social sentiment is too high, prices tend to rise, and when sentiment is low, prices tend to fall.
Santiment also followed a change in Binance funding rates.
“Bitcoin; From mid-October to mid-November, Binance’s funding rates for most assets were also in ‘positive’ territory, while hovering well above $60,000. This is an important indication that Binance is overconfident. Funding rates seem to be more on the ‘neutral’ side at the moment.”
Bitcoin is down more than 18% from its all-time high of $69,044.77, which it reached about two weeks ago.
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