Crypto analytics firm Santiment is revealing some of the behavior of Bitcoin’s largest whales, and what it could mean for the market as it trades sideways.
Santiment tells its 78,000 Twitter followers that Bitcoin’s biggest whales, or entities with more than 100,000 Bitcoin (BTC), now own 3.64% of the total supply, which is a 27-month high.
At the same time, Santiment notes that slightly smaller Bitcoin whales with less than 100,000 BTC are sitting at all-time lows for the amount of BTC in their wallets.
“Bitcoin’s top addresses with 100,000+ BTC held/own 3.64% of the supply of crypto’s top market cap asset. They’re essentially still sitting at 27-month high levels. Meanwhile 10,000 to 100,000 BTC addresses are at all time low levels at 10.91% held.”
Santiment also identifies one indicator that could be signaling a bullish turnaround for the world’s leading crypto. According to the analytics firm, Bitcoin’s market-value-to-realized-value (MVRV) ratio, which seeks to capture market