HomeNewsBitcoin Whales Strike: Santiment Analysis Indicates $4.7 Billion BTC Accumulation in Seven...

Bitcoin Whales Strike: Santiment Analysis Indicates $4.7 Billion BTC Accumulation in Seven Weeks, Market Sentiment Shifts

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  • Crypto analytics firm Santiment reports that Bitcoin whales and sharks, who hold over 1,000 BTC and 10 BTC respectively, have intensified their Bitcoin accumulation in the past seven weeks.
  • This acquisition spree, accelerated by the news of BlackRock’s attempted launch of a spot Bitcoin ETF, resulted in a purchase of 154,500 BTC, valued over $4.75 billion since the end of April.

Crypto analytics firm Santiment reports a significant uptick in Bitcoin accumulation by large BTC holders—commonly referred to as whales and sharks—over the past seven weeks. This aggressive acquisition, in which they added significantly more BTC than usual to their portfolios, has occurred in the wake of BlackRock’s attempted launch of a spot Bitcoin exchange-traded fund (ETF).

Bitcoin Whales Make a Splash

Data provided by Santiment demonstrates that these heavyweight holders—whales, who hold over 1,000 BTC, and sharks, with more than 10 BTC—have bought an impressive 154,500 BTC since late April. This acquisition is worth over $4.75 billion, marking a notable rise in Bitcoin investments.

The purchase has been particularly pronounced in the past fortnight, coinciding with the news of potential ETF launches.

“As long as key stakeholders continue buying, further crypto rises can be justified in July,”

states Santiment.

Meanwhile, Santiment also keeps a close eye on Litecoin (LTC) and its pre-halving rally. The peer-to-peer payments network has experienced a remarkable run, with a 42% increase within a two-week period. However, Santiment warns that mainstream FOMO (fear of missing out) may indicate that the hype surrounding LTC could soon dissipate.

The Litecoin halving event, slated for August 3rd, has triggered a price surge for LTC, witnessing a 26% rise in just over a day. The analytics firm urges caution, suggesting that the widespread FOMO often foreshadows local tops until the public sentiment calms down. At the time of this report, Litecoin is trading at $113.21, marking a more than 6% increase within the last 24 hours.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: [email protected] Phone: +49 160 92211628