Cryptocurrency-focused market intelligence platform Santiment has revealed that Bitcoin whales are renewing their interest in accumulating the cryptocurrency.
According to the platform, the current performance of Bitcoin and cryptocurrencies in the market has disappointed retail investors. The price of Bitcoin has dropped by almost 5% over the past week, trading at just above $56.000 per unit.
However, the negative sentiment currently gripping retail investors has not affected Bitcoin whales, who are showing renewed interest in accumulating more and more bitcoins in their crypto wallets.
Recent data from Santiment indicates that the number of wallets holding at least 100 BTC has hit a new 17-month high, a development that could have significant implications for the future of the cryptocurrency market.
Unprecedented growth in Bitcoin accumulation
According to data shared by Santiment on social media, there have been 283 new wallets holding at least 100 BTC in the last monthThis has brought the total number of these wallets to 16.120, a figure that has not been seen for almost two years.
This surge in Bitcoin accumulation by cryptocurrency whales comes amid a backdrop where prices of major digital assets on the market have fallen from recent highs, prompting many retail investors to sell crypto assets.
“As cryptocurrency prices have disappointed retail traders, Bitcoin whales are growing in number”, he highlighted Holy
Whale activity has intensified, especially since the price of Bitcoin dropped from over $62.000 to around $58.000 in late August.
Adam Back, CEO of Blockstream, has commented that whales are buying Bitcoin at an accelerated pace, acquiring up to 450 BTC per day. Experts suggest that cryptocurrency whales are seeing and taking advantage of the current opportunity offered by the current market to accumulate bitcoins, buying the cryptocurrency at “lower” prices.
On the other hand, Bitcoin analyst Tuur Demeester, stressed that investors such as MicroStrategy are buying around 60% of the daily production of bitcoins from cryptocurrency miners.
The contrast between retail investors and Bitcoin whales
The growing accumulation of Bitcoin by cryptocurrency whales contrasts with the trend of retail investors, who, according to Santiment, are liquidating their positions. As mentioned, experts attribute this phenomenon to the pressure felt by smaller investors due to falling prices in the market.
In fact, analysis presented by Santiment shows that wallets holding between 10 and 10.000 BTC have also increased their reserves, accumulating more than 133.000 BTC in the last month.
El Fear and Greed Index, or the Cryptocurrency Market Fear and Greed Index, which measures overall investor sentiment, is currently in a “fear” state, with a score of 22This indicates that the market has been more influenced by fear than greed in recent weeks.
However, analysts suggest that this surge in crypto whale activity could be a positive indicator for the future of Bitcoin and the market at large. Historically, massive purchases by cryptocurrency whales have preceded new all-time highs for the BTC price.
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