According to crypto sentiment platform Santiment, Bitcoin whale accumulation has accelerated over the past two weeks as the price approaches the $80,000 level.
“Bitcoin’s number of key stakeholders is rapidly increasing,” Santiment said. said In Thursday’s X Post.
Mr. Santiment is Bitcoin ($BTC) Wallets holding between 10 and 10,000 Bitcoins have accumulated 40,967 Bitcoins since April 10th, which is equivalent to approximately $3.17 billion at the time of publication. According to Go to Coin Market Cap.
Bitcoin reached $79,327 on Wednesday, but has fallen back to $77,390 at the time of publication.
Santiment says ‘secular bull market’ could continue
Mr. Santiment added that individual investors, that is, investors with holdings of less than 0.1. $BTC — Approximately 46 items have been accumulated $BTC Total sales for the same period equate to approximately $3.56 million at the time of publication.
“Ideally, these key stakeholders continue to consolidate and retail starts taking profits,” Santiment said, adding, “This combination is one of the strongest signals for a secular bull market.”
Bitcoin has gained 8.62% in the past 30 days. sauce: coin market cap
Analysts often note this pattern because, historically, periods of profit-taking by small investors are followed by further price increases while large investors accumulate.
Meanwhile, Andre Dragos, head of European research at Bitwise, noted that demand from institutional investors has increased recently. “Institutional demand for Bitcoin is clearly accelerating,” Dragosh said. said In Friday’s X Post.
separately post Santiment said on X that sentiment among Bitcoin holders has changed from “extreme pessimism” on Monday to “hyper FOMO mode” on Thursday. However, based on broader market indicators, overall crypto market sentiment remains lagging.
Cryptocurrency market sentiment remains “fearful”
Cryptocurrency fear and greed indexThe index measuring overall crypto market sentiment remains in “fear” territory, registering a score of 39 on Friday, suggesting investors remain cautious about the crypto market.
Related: BlackRock drives Bitcoin ETF inflows for 7 consecutive days $BTC nearly $80,000
Santiment said that Bitcoin’s rise above $80,000, the highest level since January 30, will be important in regaining traders’ interest in Bitcoin.
sauce: ted
“But that will ideally happen when optimism subsides just a little bit,” Santimento said.
Market participants are often cautious in overheated situations, as a sharp rebound with very bullish sentiment is considered fragile and could lead to a short-term reversal rather than the start of a more stable uptrend.
Some analysts predict that Bitcoin could rise above $80,000.
MN Trading Capital founder Michael Van de Poppe said Thursday there is “plenty of room” for Bitcoin to continue. Soaring towards $86,000. However, he cautioned that assets need to hold at least $75,000 to maintain momentum.
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