Crypto analytics firm Santiment says deep-pocketed investors are accumulating Bitcoin amid the sustained downturn in the markets.
Santiment says that a certain cohort of BTC investors has been growing in population since the crypto market crash in May.
“Bitcoin may have dropped to [$31,000] Thursday, but the BTC ‘millionaire tier’ of addresses holding between 100 and 10,000 keeps climbing.
The cumulative amount of holdings for these whales has increased by 100,000 BTC since May 21st.”
At time of writing, the 100,000 BTC held by the millionaire cohort is worth over $3.21 billion.
The crypto insights firm also reveals that crypto traders and investors on Twitter continue to remain bearish on the leading crypto asset. According to Santiment, the negative sentiment could be a signal that BTC is poised for a bounce.
“Twitter’s sentiment toward Bitcoin remains negative in the amount of volume and tone that our algorithm is picking up. Generally, when there is negativity, there is a higher degree of a price upswing to catch the crowd off guard.”
As for the second-largest crypto by market cap, Santiment says Ethereum (ETH) could bounce if it manages to stay above $1,800. The firm adds that Ethereum’s on-chain metrics are flashing positive signals, but it is still too early to tell if the price has bottomed out.
“ETH’s price action continues to linger around a bearish bias, with it hanging on to a very important support now. Bulls really need to step in soon (for a bounce at the very least), else bears shall continue their downward trend.”
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