BTC Whales have been accumulating since November 25th: Santiment

Are Whale activities reflecting market sentiment amid FTX collapse?
On-chain analytics firms are reporting accumulation in multiple categories.
SBF is answering the media’s questions on FTX.

Holders are accumulating BTC

Bitcoin whales bought $800 million worth BTC in the last 5 days in what is being seen as a trend reversal after several large investors were getting rid of BTC.

As per on-chain analytics firm Santiment, BTC whales were shedding BTC over the last 13 months ever since prices started dropping from BTC’s All-time-high of around $68,000 in November last year. Crypto exchange FTX’s collapse exacerbated that dumping spree. However, Sanitment tweeted a snapshot of a graph showing

Santiment noted in a tweet: “…However, following a big push down in the first 3 weeks of November as #FTX news broke, 47,888 $BTC has been accumulated back in the past 5 days.”

Bitcoin whales are those who own a large amount of Bitcoins. It is a monicker, so there is no fixed number. However, the usual reference is 100 BTC. In the early days of November, 1.36% of BTC held by Whales was shed during the first three week of November after which 0.24% was accumulated.

Another on-chain analytics firm Glassnode reported that the amount BTC shrimps’ (owners with less than 1 BTC) hold has also reached an all time high with 1.2 million coins, which is 6.3% of the total supply.

Sam Bankman-Fried, former CEO of now bust Crypto exchange FTX is talking to the media and answering questions. Ever since FTX went bust, crypto believers have been echoing ‘self-custody’ as the way forward. Self-custody is the act of storing cryptocurrency in wallets that are not linked with any third party.

Blockfi, a crypto lending firm filed for bankruptcy citing exposure to FTX. Fear Uncertainty and Doubt or FUD is spreading rapidly on the back of the FTX collapse. The macroeconomic outlook of the world is also not at its best right now. Yesterday, Federal Reserve Chairman Jerome Powell clarified that the rate of increase in the Feeral Funds Rate, which is the Fed’s tool to control inflation, would be decreased as early as this month; however, the fight against inflation is far from over.

SBF is receiving brick-bats on Twitter. Many people are calling for nothing less than jail-time for the youngster. He has already given an interview to a multiple US based news agencies.

SBF has distanced himself from Alameda’s actions and claims that he did not realize the extent of the problem until November 6th. His interview is receiving constant criticism including. One of the journalists interviewing him mentioned that people had expressed displeasure at the fact that he was being interviewed. However, since SBF’s few odd interviews, the likes of Kevin O’Leary and Bill Ackman are some of the few that have sympathized with the ‘kid.’

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing