Are Bitcoin Whales Buying? Crypto Analytics Firm Santiment Weighs In on State of BTC Market

Are Bitcoin Whales Buying? Crypto Analytics Firm Santiment Weighs In on State of BTC Market


Crypto analytics firm Santiment is tracking Bitcoin whale behavior following the sell-off that drove the price of BTC to around $30,000 last month.

Santiment unveils that large crypto holders are buying BTC even as the digital asset fails to reclaim the $40,000 level. The firm says that Bitcoin whales recently bought tens of thousands of BTC worth nearly $2 billion.

 

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“Bitcoin continues to range in the $37,000 to $39,000 range, but whales are accumulating behind the scenes. Addresses with 100 to 10,000 BTC have added 50,000 total BTC to their wallets or ~$1.95 billion.”

Source: Santiment

As crypto whales continue to accumulate BTC during the market downturn, Santiment says that smaller investors are selling their Bitcoin holdings.

“Bitcoin whale addresses holding 1,000+ BTC are back to holding 7.88 million tokens. This is the largest amount of BTC held by

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