They Bought Billions of Dollars of BTC! Bitcoin Whales Haven’t Passed The Final Fix!

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’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.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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