Cryptocurrency analytics company Santiment has shared new data on the remarkable accumulation of Bitcoin (BTC) by large investors. According to the company, the total assets of Bitcoin whales have reached their highest level since April.
According to data shared by Santiment, wallets holding between 10 and 10,000 BTC have accumulated approximately 88,987 BTC since September 19th. These purchases over the past month have pushed the total Bitcoin holdings of this investor group to over 13.69 million BTC, reaching their highest level in six months.
The analysis firm noted that this group of investors has shown a strong correlation with significant Bitcoin price movements in the past. Therefore, it was stated that the accumulation and selling behavior of large investors could provide important clues about the future direction of the market.
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According to Santiment, the fact that whales continue to buy despite the fluctuations in Bitcoin’s price indicates that large whales prefer to increase rather than decrease their positions in the market.
The company argued that a strong uptrend for Bitcoin could emerge if the current accumulation trend continues. Highlighting Bitcoin’s decisive influence on the overall cryptocurrency market, Santiment stated that continued purchases by large investors could support not only the BTC price but also confidence in the altcoin market.
However, Santiment emphasized that whale accumulation alone does not guarantee a price increase.
*This is not investment advice.
Continue Reading: The Amount of Bitcoin Held by Whales Is at Its Highest Level Since April – This Might Mean Something