A leading crypto analytics firm finds Bitcoin (BTC) whales are re-accumulating after selling off huge amounts of the top crypto asset in the wake of FTX’s implosion earlier this month.
According to Santiment, whales have been dumping their cumulative holdings for 13 months, and addresses holding between 100 and 10,000 BTC sold off 1.36% of their supply across the first three weeks of November.
“Bitcoin’s whales have now spent 13 months dumping their cumulative holdings as prices have slid.
However, following a big push down in the first three weeks of November as FTX news broke, 47,888 BTC has been accumulated back in the past five days.”
BTC is trading at $16,443 at time of writing. The top-ranked crypto asset by market cap is up 1.58% in the past 24 hours and more than 1% in the past week.
Santiment also notes that the crypto markets have been showing a preference for altcoins over Bitcoin in the past seven days.
“Markets have mostly been favoring altcoins over the past week, with many returning double-digit positive return percentages. This has been enough to get traders excited for a crypto turnaround. Euphoric sentiment has surged to a three-month high.”
Santiment then argues that Dogecoin (DOGE) price spikes are often a “reliable reflection of crowd euphoria.”
“When altcoin hype peaks, DOGE is commonly in the forefront. As this chart illustrates, major spikes in the memecoin can be useful to foreshadow upcoming Bitcoin drops.”
DOGE is trading at $0.10 at time of writing. The eighth-ranked crypto asset is up more than 7% in the past 24 hours and more than 28% in the past week.
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Featured Image: Shutterstock/Janiel Kaffe
