Although there are many technical signs that Bitcoin is in a bull market, the decreases are enough to make investors nervous.
Because while BTC was recovering towards $ 30,000, it dropped below $ 29,000 with its decline.
While this decline caused some investors to fall into FOMO, large investors called whales turned this fall into an opportunity.
At this point, Santiment stated that whales have received Bitcoin intensively in recent weeks, and the number of addresses holding at least 100 BTC has reached 15,870.
“There are currently 15,870 BTC addresses holding at least 100 Bitcoins.
Collectively, these whales hold 11.5 million BTC, making up more than half of the current supply (59.2%).
Also, in the last 12 weeks, whales have received 27,755 Bitcoins.”
Important metrics such as whale trading and price volatility can be indicators for potential market sentiment and price direction.
At this point, increased whale transactions and whales collecting more BTC could point to the potential for more significant price movements in the near future.
Time will tell if this will bring Bitcoin an uptrend any time soon.
*Not investment advice.