Massive Amount of Bitcoin Worth Over $7.8 Billion Swallowed by 'Whales' and 'Sharks' Within Six Weeks, According to Analytics Service - What's the Implication?
Rewritten Article:
Title: Bitcoin: Whales and Sharks Are Betting Big on a $100K Breakout
Hey there, folks! Let's dive into some exciting crypto news. Bitcoin (BTC) whales and sharks have been on an accumulation spree lately, according to crypto analytics platform, Santiment. These whales and sharks, who hold between 10 to 10,000 Bitcoin, have collectively added an impressive $7.89 billion worth of Bitcoin over the past six weeks.
"As May unfolds, Bitcoin's key influencers seem to be heading in the right direction if you're betting on a $100,000 BTC in the near future.
Investor cohorts with the closest correlation to crypto's overall market health (10 - 10,000 BTC wallets) have picked up an additional 81,338 BTC (+0.61% of their holdings) during these past six weeks of market turbulence."
Santiment views this accumulation as a bullish signal. The platform notes that when large wallets gradually accumulate while retail investors sell out of boredom or fear, it's a strong sign of future price breakouts.
"When big players keep calm and purchase more Bitcoin while retail panics, it typically indicates bullish long-term price action."
Interestingly, the holdings of smaller Bitcoin wallets have dropped simultaneously as the whales and sharks have been accumulating.
"Small wallets, which generally have an inverse, lagging correlation to price (wallets holding less than 0.1 BTC), have shed 290 BTC (-0.60% of their holdings) over the past six weeks."
Turning to Bitcoin exchange-traded funds (ETFs), Santiment says that inflows of money into these funds have been sky-high since mid-April. Since April 16th, an impressive $5.13 billion has been moved into collective BTC ETFs, driving up the market.
Bitcoin is currently trading at $97,010 at the time of writing. So, buckle up and stay tuned for more updates! Don't forget to follow us on X, Facebook, and Telegram to catch all the latest news. And remember, don't miss a beat – subscribe to get email alerts right in your inbox!
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Highlights
Massive Accumulation from Bitcoin Whales and Sharks Bodes Well for $100,000 BTC Breakout10 - 10,000 BTC Wallets Have Added 81,338 BTC in Six WeeksSmall Wallets (Less than 0.1 BTC) Have Dumped 290 BTC in the Same PeriodInflows into Bitcoin ETFs Have Been High Since Mid-April
Disclaimer: The opinions expressed in this article are not financial advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Remember, your transfers and trades carry their own risk, and any losses are your responsibility. The Daily Hodl participates in affiliate marketing.
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- The accumulation of Bitcoin by whales and sharks, as observed by Santiment, suggests a bullish outlook for a $100,000 BTC breakout.
- Investors holding between 10 to 10,000 Bitcoin have added 81,338 BTC to their holdings over the past six weeks, which is a positive sign.
- As the institutional investors continue to accumulate Bitcoin, smaller wallets holding less than 0.1 BTC have been shedding their Bitcoin, indicating a possible shift in the market.
- Investments in Bitcoin Exchange-Traded Funds (ETFs) have witnessed a significant surge since mid-April, fueling the market.
- The multi-billion dollar asset management group, MultiBank, is planning to tokenize $3 billion in real estate assets, further integrating cryptocurrency into the traditional finance sector.
