Bitcoin shark and whales gobble up $1,170,000,000 in BTC in about a month: analytics firm Santiment
According to crypto analytics firm Santiment, major Bitcoin (BTC) holders have been snapping up the top crypto asset since early September.
Santiment notes that Bitcoin sharks and whales, or companies holding between 10 and 10,000 BTC, have accumulated a combined $1.17 billion since September 1st.
The company says the accumulation pattern makes it more likely that BTC will see a return to the $30,000 price level unless these holders begin dumping their Bitcoin holdings.
Source: Santiment/X
Bitcoin is trading at $27,853 at the time of writing and is up almost 3% in the last 24 hours. The highest-valued crypto asset by market cap briefly rose above $28,000 on Monday, the first time it has jumped above that price point since August.
However, not everyone agrees with Santiment’s analysis. Popular Bitcoin analyst Willy Woo recently told his one million followers on social media platform X that buying BTC holdings on exchanges won’t actually help increase the asset’s price.
“That is a fallacy. This happened throughout the 2022 bear market. There is no supply shock as synthetic BTC has increased supply via futures markets. The market bottomed out as futures markets fell.
If an investor wants to gain exposure to BTC, they can now purchase a futures ETF (Exchange Traded Fund). This does not result in a supply shock as these are simply paper bets on rising prices. A hedge fund can take the other side of the bet, they have minted a new synthetic BTC. And the limit to that is infinite.”
Source: Willy Woo/X
According to Woo, approving a spot-based Bitcoin ETF will help “fix this problem.”
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