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.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Panuwatccn/Vandathai
The post Whales and Sharks Accumulate $821,000,000 in Bitcoin in Just One Week: Santiment appeared first on The Daily Hodl.
