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Data shows that Bitcoin whales amassed a whopping $2.36 billion worth of coins after the price of BTC started to fall.
According to crypto analytics firm Santiment, bitcoin whales amassed around 40,000 BTC when the bitcoin price dropped to as low as $56,000 last week. Bitcoin currently trading at around $59,000, whales have amassed over $2.3 billion in cryptocurrencies.
📰 #Bitcoin‘s key active whale addresses that hold between 100 to 10k $BTC are content after accumulating a total of ~40k more $BTC on last week’s dip. This, the growing #bearish sentiment (& why it’s a good thing), and more in our latest weekly report. https://t.co/MXYmgbf2ri pic.twitter.com/RaVqICOBfY
— Santiment (@santimentfeed) November 23, 2021
According to Santiment, the whales took advantage of the price drop to continue accumulating more BTC. As newspaper Reported by Daily Hodl, this crypto analytics firm revealed that the supply of BTC continues to shift away from exchanges, which is seen as a positive sign for the market.
This eases selling pressure in the market and reduces the risk of a further sell-off.
Santiment has also added that investor sentiment towards BTC on social media is at a seven-week low. The Social Sentiment Monitor analyzes comments about cryptocurrencies on social media to determine whether investors are bullish or bearish.
According to the company, prices tend to peak when sentiment is euphoric and bottom when sentiment is pessimistic.
📊 #Bitcoin dipped back as low as $56.9k in the early Monday hours, and this has pushed traders’ perceptions of $BTC into negative territory. This #bearish sentiment hasn’t been seen since early October, and the #FUD is a good sign of capitulation. https://t.co/6HND4o4SdG pic.twitter.com/mtgl02xQrB
— Santiment (@santimentfeed) November 22, 2021
Looking at funding rates on Binance, Santiment notes that when BTC is trading above $60,000, they are in the positive zone, which is “sign of a trader’s overconfidence.” Santiment adds that prices often go up when this happens. The company said now “everything seems much more neutral.”
Bitcoin’s third largest whale added a total of 6,655 BTC stocked in the last 11 days when the price of the item started to fall.
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