© Reuters. Bitcoin (BTC) Whale Wallets Show Fascinating But Contrasting Trends
U.Today – (BTC) price is on a steady rise as market makers strive to keep the price above the $43,000 price mark. At the time of writing, the coin was changing hands for $43,060.65, down 0.14% in 24 hours. The erratic growth of Bitcoin price has pushed it from a high of $43,422.49 to as high as $42,584.34.
Bitcoin whale action
A fascinating trend in Bitcoin spotted by crypto analytics platform Santiment is the action of BTC whales. As the price of the coin fluctuates between $41,000 and $44,000 this week, Santiment observed a major whale trading trend.
The analytics firm said the number of BTC whales with 1,000 to 10,000 coins stood at 1,958 as of February 1. This number represents the highest number on the network since November 2022. In contrast, the number of whales holding 100 to 1,000 BTC in their wallets was 13,735 as of February 1st. This value represents the lowest level since November 2022.
While whales in the 1,000 to 10,000 category grew by 47 more wallets in six days, according to Santiment data, smaller whales recorded 157 fewer addresses over the same period.
These different Bitcoin forest data highlight the different dynamics that existed in the market at the time. As the number of large whales increases, smaller whales appear to be returning their stakes, perhaps looking for alternative investments.
Bitcoin ETF sentiment
The launch of spot Bitcoin ETF products, which received the green light from the US Securities and Exchange Commission (SEC) in January, changed the accumulation dynamics that support the growth of the number of large Bitcoin whales.
When mainstream investors subscribe to one of the ETF issuers' offerings, part of the proceeds go toward purchasing more Bitcoins, increasing the total number of whales. Since the products are just starting to hit the market, more whales could appear in the near future.
This article was originally published on U.Today
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