According to the analytical service Santiment, large cryptocurrency holders have returned to the accumulation of digital coins
The largest bitcoin holders, whose addresses contain from 100 to 100 thousand digital coins, have added 50 thousand bitcoin to their wallet over the past ten days ($ 1.8 billion at the current exchange rate). This is indicated by the data of the analytical service Santiment .
#Bitcoin continues to range in the $37k to $39k range, but whales are accumulating behind the scenes. Addresses with 100 to 10k $BTC have added 50,000 total $BTC to their wallets, or ~$1.95bn. Read our quick take on what this means! https://t.co/YRVzgPu5pP pic.twitter.com/OLy5JgDAFl
— Santiment (@santimentfeed) June 4, 2021
Thus, the trend in which the “whales” got rid of bitcoin was disrupted. Santiment indicated that in the period from April 14, when the main cryptocurrency peaked at $ 64.8 thousand, until the coin fell to $ 30 thousand, which happened on May 19, the “whales” sold about 130 thousand bitcoin.
The accumulation of digital coins by “whales” usually indicates an upcoming rise in quotations, while the sale of cryptocurrency by large holders is perceived by investors as a signal for a fall. A similar situation was observed last month.
Who are “whales” and how they can affect the crypto market?
The collapse of quotations on May 19 was preceded by a record inflow of bitcoins to the largest crypto exchanges since March 2020 . After the collapse, digital coins began to be withdrawn from the platforms.
As a result, the largest outflow of digital coins was recorded in a year . Crypto exchange users per day brought about 175 thousand bitcoin to cold wallets for $ 7 billion at the exchange rate at that time.
The next day, it became known that during the fall in the price of bitcoin to $ 30 thousand, large investors and funds began to buy it . After that, the number of bitcoin on cryptocurrency exchanges reached a minimum in the last four months.
