Over the past few weeks, Bitcoin (BTC) whales and sharks have been actively accumulating more BTC, as reported by crypto analytics platform Santiment.
According to Santiment, these large holders, with holdings ranging from 10 to 10,000 Bitcoin, have added a total of $7.89 billion worth of BTC in just six weeks.
“As May progresses, Bitcoin’s key stakeholders are mostly moving in the right direction if you’re rooting for $100,000 BTC in the near future.
Wallets with the highest correlation with crypto’s overall market health (10 – 10,000 BTC wallets) have accumulated a combined 81,338 more BTC (+0.61% of their holdings) during these past six weeks of volatility.”
According to Santiment, this accumulation trend by the larger Bitcoin investors is seen as a bullish signal for the market.
“When large wallets gradually accumulate in tandem with retail panic selling/selling out of boredom, it is generally a strong long-term sign of prices biding their time before another breakout.”
Santiment also noted that smaller Bitcoin wallets have been reducing their holdings while the whales and sharks were accumulating.
“Meanwhile, small wallets that tend to have an inverse, lagging correlation to price (wallets with less than 0.1 BTC) have dumped 290 BTC (-0.60% of their holdings) in the past six weeks.”
Regarding Bitcoin exchange-traded funds (ETFs) inflows, Santiment highlighted a significant increase in inflow money since mid-April.
“…Bitcoin ETF inflow money has been sky-high since mid-April. Since April 16th, there has been $5.13 billion moved into collective BTC ETFs, pumping markets.”
At the time of writing, Bitcoin is trading at $97,010.
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