Bitcoin Whales Accumulate 19,696 BTC in Eight Days as Retail Buying Slows
Summary
- According to on-chain analytics platform Santiment, whale wallets holding between 10 and 10,000 BTC accumulated a total of 19,696 BTC over the past eight days.
- It said buying by small investors holding less than 0.01 BTC has slowed, which it interpreted as a sign that late-arriving retail investors are becoming less active in the market.
- Santiment said whale accumulation, softer retail buying and a recovery in demand for Bitcoin exchange-traded funds (ETFs) together point to a positive signal for Bitcoin's price.
Forecast Trend Report by Period
Bitcoin whales accumulated nearly 20,000 BTC over the past eight days, while buying by smaller investors lost momentum.
On-chain analytics platform Santiment said July 28 that whale wallets holding between 10 BTC and 10,000 BTC added a combined 19,696 BTC during the period.
By contrast, wallets holding less than 0.01 BTC showed weaker interest in buying the dip. Santiment interpreted that as a sign that late-arriving retail investors are becoming less active in the market.
Santiment said the current pattern of continued whale accumulation and slower retail buying is a positive signal for Bitcoin's price. The firm said the trend indicates Bitcoin supply is shifting to relatively stronger holders.
A recovery in demand for Bitcoin exchange-traded funds, or ETFs, was also cited as a supportive factor.
"Whales are continuing to add Bitcoin, while retail activity is slowing," Santiment said. "That points to a trend in which Bitcoin supply is moving to relatively strong holders."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.