Crypto intelligence platform Santiment reports that large Bitcoin holders are continuing to add to their positions despite the drastic fall in prices.
Santiment says that Bitcoin whales who hold “between 100 and 10,000 BTC” started accumulating amid the price crash.
“… the whale trend is continuing to be accumulating. Over the past couple of days it hasn’t been, but since the start of the crash they’ve been moving up.
They could afford to be early and that seems what they are doing.”
Santiment adds that Bitcoin’s price rebound from below $30,000 to above $33,000 at the time of writing was driven by fear.
“Bitcoin’s fear, uncertainty, and doubt (FUD) remains high, as traders are polarized on whether prices can push back below $30k again.
For now though, prices have jumped back on crowd fear. Markets move in the opposite direction of crowd expectation.”
The crypto analytics firm further argues that Bitcoin was the better asset to hold relative to altcoins as prices fell.
“Those who have stayed strong in Bitcoin on the crypto downswing have been relatively rewarded compared to high-risk altcoin traders.
BTC has fallen just -4.5% the past 3 days through the volatility, while $DOGE (-26.1%) & other alts have dropped hard.”
Regarding the second-largest cryptocurrency by market cap, the crypto market intelligence platform says that its top ten holders now own record amounts of Ethereum.
“Ethereum’s top 10 non-exchange whales continue to hold record levels of ETH, and are even inching upward despite the dip below $1,900 Monday.”
Santiment points out that the top ten whales have also reduced the quantity of Ethereum held on exchanges, reducing the downward sell pressure.
“Meanwhile, the top 10 exchange whale holdings keep declining, which implies less chance of further sell-offs.”
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