Home Crypto Crypto Whales Increase Bitcoin Holdings, Adding $3,210,000,000 in BTC to Portfolios Since...

Crypto Whales Increase Bitcoin Holdings, Adding $3,210,000,000 in BTC to Portfolios Since May: Santiment

Crypto analytics agency Santiment says deep-pocketed traders are accumulating Bitcoin amid the sustained downturn in the markets.

Santiment says {that a} sure cohort of BTC traders has been rising in inhabitants because the crypto market crash in May.

“Bitcoin could have dropped to [$31,000] Thursday, however the BTC ‘millionaire tier’ of addresses holding between 100 and 10,000 retains climbing.

The cumulative quantity of holdings for these whales has elevated by 100,000 BTC since May twenty first.”

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Source: Santiment/Twitter

At time of writing, the 100,000 BTC held by the millionaire cohort is value over $3.21 billion.

The crypto insights agency additionally reveals that crypto merchants and traders on Twitter proceed to stay bearish on the main crypto asset. According to Santiment, the destructive sentiment may very well be a sign that BTC is poised for a bounce.

“Twitter’s sentiment towards Bitcoin stays destructive in the quantity of quantity and tone that our algorithm is selecting up. Generally, when there’s negativity, there’s a larger diploma of a worth upswing to catch the gang off guard.”

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Source: Santiment/Twitter

As for the second-largest crypto by market cap, Santiment says Ethereum (ETH) might bounce if it manages to keep above $1,800. The agency provides that Ethereum’s on-chain metrics are flashing constructive indicators, however it’s nonetheless too early to inform if the value has bottomed out.

“ETH’s worth motion continues to linger round a bearish bias, with it hanging on to an important assist now. Bulls really want to step in quickly (for a bounce on the very least), else bears shall proceed their downward development.”

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Featured Image: Shutterstock/Ajit Bahadur

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