$5,760,000,000 in Bitcoin Bought by Whales in Just Six Weeks Amid Crypto Market Correction: Santiment

Deep-pocketed Bitcoin investors are snapping up billions of dollars worth of BTC, according to analytics firm Santiment.

Santiment says on the social media platform X that Bitcoin whales are showing continued accumulation after purchasing more than $5.76 billion worth of BTC amid a marketwide correction.

“Bitcoin’s whales, specifically wallets that hold between 100-1,000 BTC, have accumulated 94,700 more coins in the last six weeks. As price uncertainty has shaken many traders out of crypto, key stakeholders are loading up.”

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Source: Santiment/X

Fellow analytics firm Glassnode is echoing Santiment’s stance that investors are accumulating Bitcoin in the midst of market uncertainty.

Glassnode says that one on-chain metric that tracks the balance size and accumulation behavior of market participants is flashing green for Bitcoin.

“The Accumulation Trend Score (ATS) indicates a market shift back to accumulation, with the ATS reaching its maximum value of 1.0, signaling significant accumulation over the past month.”

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Source: Glassnode/X

Earlier this month, the chief executive of analytics firm CryptoQuant said the Bitcoin bull-bear market cycle indicator, which tracks phases of investor sentiment, was back to bullish after briefly dipping into bear territory.

“Most Bitcoin on-chain cyclical indicators that were hovering near the borderline have now shifted back to signaling a bull market. BTC was discounted for only three days.”

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Source: Ki Young Ju/X

At time of writing, Bitcoin is trading for $60,516, up over 4% on the day.

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Source: https://dailyhodl.com/2024/08/20/bitcoin-whales-gobble-up-over-5760000000-in-btc-in-just-six-weeks-amid-crypto-market-correction-santiment/