Bitcoin’s latest price dynamics are once again getting a substantial impact from the massive market players including sharks and whales. As per Santiment, the big-scale Bitcoin holders, possessing ten or more $BTC tokens, have reportedly been engaged in a buying streak over the last 7 weeks, accumulating up to 103,960 $BTC.
The Ongoing $BTC Accumulation by Sharks and Whales Highlights the Fastest Rate Since 2021
Santiment mentioned that this buying spree among the whales and sharks highlights the fastest accumulation rate since the bullish period of 2021. The current accumulation trend takes place at a point when the wider crypto markets are signaling significant recovery. As the prominent assets experience huge profits, the intensified buying activity among the sharks and whales reflects their significant contribution. This indicates the crucial role that they play in driving market movements in the long term.
Based on the historical statistics, the large holders’ behavior has mostly been a top indicator for the price trends. The increase in the holdings of the sharks and whales often signals confidence in the price potential of Bitcoin. It provides a bullish sign for institutional and retail investors alike. On the other hand, when the respective holders offload the $BTC tokens, the market has a big chance to see a downward price pressure.
The data from Santiment categorizes the present $BTC accumulation among the top 5 outliers in whale behavior during the last 3 years. Analogous accumulation phases in the year 2021 led to Bitcoin’s spike to an all-time high of $69,000. However, the present market conditions are different. Hence, the large Bitcoin holders’ renewed interest is raising speculation about the potential of another upward price surge. Santiment’s report stresses that the big players maintain their key position in the crypto market, influencing the price dynamics.
The Concentration of $BTC Supply in Big Wallets May Lead to Another Bull Market
According to Santiment, the large wallets have concentrated Bitcoin supply while market keenly watches for the whale activity. Analysts are speculating about the potential outcomes of the ongoing accumulation phase. As per the market onlookers, the current accumulation trend could ignite another massive rally or offer a defensive measure in the case of likely market corrections.
