Bitcoin movement of crypto-millionaires reaches record, according to Santiment
Whales (BTC) are moving large amounts of money as the world’s first and largest cryptocurrency prints a new monthly high above US42,000, a major resistance to the price.
Whale Alert identified four major Bitcoin transactions in which whales relocated 41,671 BTC, valued at $1.78 billion, in a one-hour period.
As Bitcoin and other cryptocurrencies recover from the May 2021 crises, analyst firm Santiment said whales continue to increase the amount of coins.
According to the company, the percentage of coins among the group of crypto-millionaires, or investors holding between 100 and 10,000 BTC, has risen sharply since June, allowing investors with funds to accumulate nearly half of the total Bitcoin supply.
“Bitcoin addresses that have 100 to 10,000 BTC currently own 49.11% of the total Bitcoin supply and are still very close to [máximo histórico] of 49.18% obtained last week. This key group of whales is one of our strongest indicators to look at. ”
Santiment adds that Bitcoin’s jump to a 30-day peak comes as the euphoria of traders in the BTC market is waning.
“Bitcoin took off in a bull market on Friday, hitting over $43,000 for the first time since May 18th. The peak comes at a time when traders are slowing down against the BTC, with markets historically moving in the opposite direction to the crowd’s expectation.”
Many analysts have been expecting the bull market to return after the May drop. In particular, Wycoff’s accumulation pattern has, so far, been confirmed, and could push the BTC price up to new historic highs.
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