- Data from Santiment suggests that whales have been steadily accumulating Bitcoin.
- Since September 27, whales have added about 46,173 BTC to their wallets.
- BTC is currently trading for more than $20,000.
Data from the blockchain analytics company Santiment reveals that crypto whales exhibit indicators of consistent Bitcoin accumulation. The data shows that since September 27, BTC wallet addresses holding 100 to 10k BTC have added back roughly 46,173 BTC to their digital wallets.
The supply of Tether (USDT) held by whales increased while the supply of Bitcoin (BTC) decreased between the beginning of August and the end of September of this year. The trend just flipped during the past week, as the supply of BTC whales increased while their supply of Tether (USDT) decreased.
Whales were probably accumulating USDT to boost the price of BTC, which would then alter the longer-term market cycle of the larger crypto market. It may not have been a coincidence that market whales’ USDT and BTC balances changed at that very moment because October is known to be a good month for cryptocurrencies.
Whales may be acting now to boost the price of BTC, which will animate the rest of the cryptocurrency market. According to CoinMarketCap, the market leader in cryptocurrencies is currently trading at $20,178.86 after rising in value by 2.84% during the previous 24 hours.
Additionally, the price of BTC has been able to record a weekly rise since the accumulating pattern for the whales seen in the Santiment data began. Additionally, the cost of BTC increased by 7.39% in the previous week.
Disclaimer: All of the information in this price analysis, including the thoughts and opinions expressed in it, has been supplied in good faith. Readers are required to conduct their own due diligence and research. The reader solely assumes all risk for whatever action they may take. OCMX and its affiliates are not responsible for any loss or damage, whether direct or indirect.
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