Large Bitcoin holders have been getting more aggressive and accumulating BTC at significantly higher than usual rates over the past seven weeks, according to crypto analytics firm Santiment.
Santiment says that whale and shark addresses, which refer to holders with over 1,000 BTC and 10 BTC respectively, have accelerated their pace of accumulation following news of BlackRock attempting to launch a spot Bitcoin exchange-traded fund (ETF).
Data from the analytics firm shows the two cohorts buying up 154,500 BTC worth over $4.75 billion since late April.
“Bitcoin’s whale and shark addresses have continued to accumulate, with a big chunk of BTC buying coming in the past two weeks as news of ETF launches came out. As long as key stakeholders continue buying, further crypto rises can be justified in July.”
Santiment is also keeping track of Litecoin (LTC) and its pre-halving rally, which has seen the peer-to-peer payments network run 42% in the last two weeks alone. According to Santiment, mainstream FOMO (fear of missing out) may be a sign that the LTC hype is ready to fizzle out.
“Litecoin is under five weeks away from its halving, taking place on August 3rd. Prices have suddenly soared for LTC, blasting off for a 26% in just over a day. Watch for mainstream FOMO, as this usually foreshadows local tops until crowds calm down.”
At time of writing, Litecoin is trading for $113.21, up over 6% in the last 24 hours.
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