Crypto analytics firm Santiment says huge whales have been gobbling up Bitcoin (BTC) since the end of 2021.
Santiment notes on Twitter that “mega” whale addresses holding 1,000 or more BTC have added a combined 220,000 Bitcoin, more than 1% of BTC’s total supply, in the seven weeks since December 23rd.
The analytics firm says it is the largest mega whale Bitcoin accumulation since September 2019.
BTC is trading at $43,753.58 at time of writing. The top-ranked crypto asset by market cap is up more than 18.5% from where it was priced seven days ago.
Santiment notes that waves of Covid-19 fears have had negative impacts on Bitcoin’s price in the past two years. The analytics firm argues those fears are showing signs of decline, however.
Santiment also says the stablecoin Tether (USDT) has had less network activity recently, another potentially bullish indicator for Bitcoin.
“Tether’s amount of daily active address on its network has quietly fallen to two-year lows, rapidly dropping after mid-November’s Bitcoin all-time high. Historically, we’ve seen less over stablecoin transactions coincide with following BTC rises.”
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