According to a recent analysis by Santiment, a crypto analysis platform, Bitcoin whales continue to accumulate BTC, while its price drops with the crisis in altcoins.
The company shared its findings on Twitter, stating that there is a "bullish divergence" between the increase in the amount of BTC accumulated by whales and the falling price.
Santiment defines Bitcoin whales as addresses holding 100 to 10,000 BTC. The company said these whales are increasing their holdings by around 1,000 BTC per day. According to analysts, the fact that whales accumulate BTC in this way while the price drops may mean that there may be a strong rebound.
🐳 As #altcoin madness has ensued, there quietly is a #bullish divergence between #Bitcoin's accumulating whales and falling price. With whale holdings moving up by ~1K $BTC per day while prices fall, there is reason to believe a strong rebound can occur. https://t.co/Ol0cK5VhPE pic.twitter.com/FeHPqqJx7o
— Santiment (@santimentfeed) June 11, 2023
Bitcoin price plunged after the SEC sued Binance and Coinbase, the world's largest cryptocurrency exchanges, for selling unregistered securities. With this decline, which especially affected altcoins declared as securities, the BTC price also fell below $ 26,000.
However, Binance US, which later announced that it would delist more than 50 altcoins, later abandoned this decision and announced that it would not delist USDT pairs.
*Not investment advice.
