Bitcoin Whale Activity Wakes Up As BTC Hovers Just Above $20,000 Level: On-Chain Data

Crypto analytics firm Santiment is tracking an increase in the number of whale addresses holding Bitcoin (BTC).

According to a new post, the data aggregator highlights the uptick in wallets which hold between 100 and 10,000 Bitcoin as a reassuring indicator after the markets tanked last Friday in response to Federal Reserve Chair Jerome Powell’s statements about the economy.

“As Bitcoin has danced around $20,000 this weekend, a positive sign is the growth in the amount of key whale addresses.

There’s a correlation between BTC’s price and the amount of addresses holding 100 to 10,000 BTC, and they’re up 103 in the past 30 days.”

When asked for data about how many of the 15,847 whales bought in since early last week, Santiment reports,

“There have been 16 new BTC whale addresses made in the last five days.”

Fellow crypto analytics firm Glassnode also weighed in on the state of Bitcoin by utilizing on-chain data to analyze BTC’s adjusted SOPR (aSOPR), a metric that reflects the ratio between the selling and purchase prices of the flagship crypto asset.

According to Glassnode, BTC’s aSOPR suggests that investors are focused on recouping their investments.

“Bitcoin aSOPR continues to face heavy resistance at the break-even threshold of 1.0.

This suggests BTC investors are taking profits during bear market rallies, and are spending coins at their cost-basis to simply ‘get their money back’.”

At time of writing, Bitcoin is up nearly 3% and trading for $20,166.

Featured Image: Shutterstock/julymilks