In a recent tweet, Santiment, a prominent crypto analytics platform, has shed light on the behavior of addresses holding a substantial number of Bitcoin.
These addresses, which possess a range of 10 to 10,000 Bitcoins, known as Whales, seem to be exercising caution amidst the price volatility experienced in the past month, with Bitcoin’s value oscillating between $26,000 and $30,000.
Despite the market fluctuations, these cautious whales have accumulated a staggering 93,000 Bitcoins collectively. This accumulation took place during a period when BTC prices plunged from their local peak in mid-April.
However, the data provided by Santiment highlights the resilient stance of these large Bitcoin holders (Whales), who seemingly perceive the recent price swings as an opportunity to expand their Bitcoin holdings.
This accumulation strategy may indicate their confidence in the long-term prospects of the leading cryptocurrency, despite the short-term market turbulence.
Meanwhile, analytics firm Glassnode revealed that small-scale Bitcoin holders, commonly referred to as Shrimp Entities (holding less than 1 BTC), are displaying a remarkable trend of aggressive accumulation.
According to Glassnode’s data, these Shrimp Entities have increased their Bitcoin holdings by a staggering 24.6K BTC in just one month. This surge in accumulation is notable, as it surpasses the expansion observed on 224 out of 5,226 (approximately 4.3%) trading days, highlighting the intensity of their buying spree.
This upward trajectory in BTC holdings has propelled the supply held by Shrimp Entities to an all-time high (ATH) of 1.31 million BTC. To further underscore the enthusiasm behind this accumulation trend, it is worth noting that a significant portion of these trading days, precisely 160, occurred within the past year alone.
Bitcoin Price Analysis
According to the latest data from CoinMarketcap, BTC is currently trading at $27,849.81, showcasing a modest downside ride of approximately 0.79% within the past 24 hours. The weekly chart displays a noteworthy surge of 1.77%, signifying a touch of market volatility.
Drawing attention to BTC’s trading volume, it has observed a notable decline of 12.91% to a staggering $13,559,813,906. The market capitalization has also experienced a slight decrease of 0.77%.
Bitcoin’s technical analysis suggests a long-term bullish trend, indicating a predicted increase of $432.33 within 7 days, reaching $28,285.79 by June 6th, 2023. In the short term, machine learning predicts a neutral trend for BTC, with a slight possibility of both an increase and a decrease in the next few hours.
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