Bigger #Bitcoin wallets are stacking while others sell: Santiment
Santiment says Bitcoin “key stakeholders are mostly moving in the right direction if you’re rooting" for $100,000 $BTC
Key takeaways:
Large Bitcoin holders have accumulated 81,338 $BTC over the past six weeks, showing confidence in a future price uptrend.
Wallets with less than 0.1 $BTC sold around 290 BTC, indicating smaller retail investors are either panic selling or selling out of boredom.
Spot #bitcoin ETFs have seen $4.41 billion in inflows since March 26.
While larger Bitcoin holders remain confident and continue accumulating the asset, data from a crypto analytics platform shows that smaller retail investors have been shedding BTC amid the asset’s prolonged consolidation below the $100,000 price level.
The contrasting behavior between Bitcoin
$96,473
whales and retail investors often signals that Bitcoin may be heading toward another upward trend, Santiment said in a May 6 X post.
Bitcoin smaller players show cold feet
“When large wallets gradually accumulate in tandem with retail panic selling/selling out of boredom, it is generally a strong long-term sign of prices biding their time before another breakout,” Santiment said.
Bitcoin wallet holders with between 10 and 10,000 BTC have accumulated a combined 81,338 BTC over the past six weeks since March 26.
This represents a 0.61% increase in the cohort’s total holdings. Santiment said this could signal a potential retest of the psychological $100,000 price level in the near future. “As May progresses, Bitcoin’s key stakeholders are mostly moving in the right direction if you’re rooting for $100K BTC in the near future,” Santiment said.
However, #Bitcoin wallets with less than 0.1 BTC sold off approximately 290 Bitcoin over the same period. Since March 26, Bitcoin has traded between $76,273 and $97,210, according to #CoinMarketCap data.
