A crypto analytics firm that two key investor cohorts have been snapping up Bitcoin (BTC) as the value of the king crypto plunged below $20,000 last week.
Santiment says that Bitcoin whales and sharks, or addresses holding 10 to 10,000 Bitcoin, gobbled up 40,557 BTC worth a staggering $821.50 million in the past week.
With the heavy accumulation from the largest Bitcoin holders, the firm says investors should keep an eye on the traditional markets for clues on what comes next for BTC.
“Bitcoin sharks and whales don’t appear to be to blame for crypto’s rough week. In fact, addresses holding 10 to 10,000 BTC have collectively accumulated $821.5 million back during this mid-sized crash. Crypto’s correlation with equities is what to watch.”
According to the analytics firm, traders have shifted their focus on Bitcoin at the expense of altcoins following last week’s pullback. Santiment says that the change in behavior could be a signal that a crypto market reversal is in sight.
“Crowds are focusing back on BTC. This is the highest ratio of BTC vs alt discussions since July, 2022. High Bitcoin discourse is a fear sign, which historically can turn around markets.”
At time of writing, Bitcoin is trading for $22,277, up over 8% in the last 24 hours.
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