On-chain data shows that wallets holding at least 10 Bitcoin, and addresses with over 0.1% of Ethereum's supply have been accumulating for some reason
Santiment and IntoTheBlock say that whale accumulation might mean that a market turnaround is incoming.
Over $10 billion (154,560 $BTC) in Bitcoin has been bought by whales in the past five months
Similar to Bitcoin, Ethereum is seeing a surge in large transactions worth more than $100,000.
At present, the crypto market doesn’t look like much. However, a lot is going on under the hood, when it comes to the whales and the Sharks.
As it turns out, these entities may know a lot more than the average investor, judging by their actions over the last few months.
According to Santiment, these whales and sharks, possessing no less than 10 Bitcoin in their wallets, might be sending the market a silent message:
A volatility storm is coming.
According to on-chain analytics platform, Santiment, most of the wallets holding at least 10 Bitcoin in them have been in an accumulation spree as of late.
These wallets have gathered approximately 154,560 coins, worth over $10 billion, assuming an average Bitcoin price of $68,000 in the past five months.
This shows a growing level of confidence in Bitcoin's prospects and might be one of the first few markers of the end of the bearish phase that dominated 2022.
Whales have been accumulating
Santiment also notes that when these whales accumulate Bitcoin, its price is generally bullish. And when they dump, the price of the cryptocurrency generally declines.
We have also seen something like this happen since the start of the last bull market in October 2019 which continued until early 2022.
However, right before the markets went down in the 2022 bear market, a mass sell-off resulted from issues with US interest rate fluctuations on February 16, 2022 happened.
The “last five months” that Santiment speaks of, indicates that since December 2023, right before the approval of the spot Bitcoin ETFs in the United States.
Aside from Bitcoin, Ethereum is also showing signs of notable activity among its whale cohorts, according to insights from IntoTheBlock.
IntoTheBlock reports that the “Number of Large Transactions” on the Ethereum network has been on a tear lately, similar to Bitcoin’s.
However, IntoTheBlock’s tracking involved the total number of Ethereum transactions moving more than $100,000.
Ethereum whales moving funds around
In essence, IntoTheBlock reports that available data indicates that these whales are accumulating, with addresses holding more than 0.1% of the cryptocurrency’s total supply showing the highest daily accumulation in more than a month.
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