Large holders of Bitcoin (BTC) have accumulated BTC worth hundreds of millions of dollars over the past week amid the crypto selloff, according to analytics platform Santiment.
Santiment says that since March 3rd, Bitcoin whales and sharks have collectively added 4,486 BTC to their holdings amid panic by retail crypto traders over the past couple of days.
Before the latest accumulation by the wallets holding more than 10 BTC, the whales and sharks had briefly trimmed their portfolios, according to Santiment.
“Bitcoin’s whale and shark wallets have gone through several key turning points these past six months, as the chart below reveals. In short, their mild dumping from mid-February to early March contributed to crypto’s latest dump.”
On the impact the accumulation by whales and sharks is likely to have going forward, the analytics platform says,
“Prices have not reacted to their buying just yet, but don’t be surprised if the second half of March turns out much better than the bloodbath we’ve seen since Bitcoin’s all-time high seven weeks ago… assuming these large key stakeholders continue their coin collecting.”
According to Santiment, “crypto markets move in the opposite direction of the crowd’s expectations.” Based on the views being expressed on social media platforms, the crypto analytics platform says Bitcoin is likely to rally when the bearish sentiment reaches a fever pitch.
“Social media is showing a massive level of fear, with Bitcoin being associated with sub-$70,000 levels at the highest rate since the February 27th crash. The true capitulation point (and optimal buy spot) will be when low prices ($50,000 – $69,000) are being predicted across social media with very little mention of high prices ($100,000 – $119,000).”
Bitcoin is trading at $81,678 at time of writing.
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