Bitcoin Sees Historic Surge in Sharks and Whales BTC Wallets, Sets New High: Santiment
New data from market research platform Santiment shows that the number of shark and whale wallets in Bitcoin (BTC) is experiencing a historic increase.
Santiment says the number of Bitcoin sharks and whales, or companies holding at least 10 BTC, has been steadily increasing since early 2022, when the crypto king was in the early stages of a bear market.
“Since February 2022, there has been a historic increase in shark and whale wallets holding at least 10 BTC. In the last 20 months since this accumulation of new large wallets began, 11,806 additional addresses have reached this threshold, for a total increase of 8.12%.”
Source: Santiment/X
The market analysis firm further points out that traders and investors are increasingly talking about inflation and the crypto bear market, which counterintuitively increases the likelihood of rising prices.
“Topics where the rate of discussion is increasing include keywords such as inflation and bear market, both signs that the masses are taking a more pessimistic stance towards the crypto markets. Ironically, the more traders tend to push prices down, the higher the likelihood of a price increase.”
Source: Santiment/X
Santiment then turns its attention to precious metals such as gold and silver, saying that these are performing better than cryptocurrencies following the conflict between Israel and Palestine, similar to the start of the war between Russia and Ukraine.
“Crypto remained flat in this first week as global attention once again focused on the Israel-Palestine conflict. However, gold and silver were on the rise this week, just as we saw in the early weeks of the Ukraine-Russia war in February-March 2022.”
Source: Santiment/XDon’t miss a thing – Subscribe to receive email alerts straight to your inbox
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