Summary
- An analysis found that expanding Bitcoin whale accumulation is sending a positive signal to the market.
- According to on-chain analytics firm Santiment, whale addresses holding between 10 and 10,000 BTC accumulated a total of 4,967 BTC over the past two weeks.
- Santiment said the combination of growing whale accumulation and slowing retail buying is a typical bull-market signal.
Forecast Trend Report by Period
Bitcoin whale accumulation is increasing, signaling a positive backdrop for the market, according to on-chain analytics firm Santiment.
Santiment said on April 23 that whale addresses holding between 10 and 10,000 BTC accumulated a combined 4,967 BTC over the past two weeks.
By contrast, retail investors holding less than 0.01 BTC added only about 46 BTC during the same period.
The trend suggests retail buying has slowed, or that some investors have been taking profits.
Santiment interpreted the combination of rising whale accumulation and retail selling as a typical bull-market signal.
The market is also focused on a broader pattern of gradual capital accumulation and tightening supply. Whether prices continue to rise will depend on sustained whale buying and firm demand.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
