New Data Reveals Increase in Bitcoin Whales
According to market intelligence firm Santiment, the number of large Bitcoin (BTC) whales holding between 1,000 and 10,000 BTC is on the rise. This surge in whale wallets comes as Bitcoin continues to consolidate. However, Santiment also finds that wallets holding between 100 and 1,000 BTC are declining.
Santiment’s data shows that there are currently 1,958 wallets holding between 1,000 and 10,000 BTC, which is the highest number since November 2022. On the other hand, there are only 13,735 wallets holding between 100 and 1,000 BTC, the lowest number since November 2022.
Altcoins Experience Gains
Santiment also highlights the performance of three altcoins: Chainlink (LINK), Immutable X (IMX), and Pyth Network (PYTH). Each of these altcoins has seen gains of at least 23% in the past week. These coins are being discussed extensively by the public, indicating that FOMO (fear of missing out) could contribute to increased volatility for these assets.
As of now, LINK is trading at $18.70, while IMX and PYTH are valued at $2.14 and $0.498 respectively.
Hot Take: Bitcoin Whales on the Move
New data from Santiment suggests that large Bitcoin whales are making significant moves as BTC trades in a tight range. The number of wallets holding between 1,000 and 10,000 BTC has reached its highest level since November 2022. At the same time, wallets holding between 100 and 1,000 BTC have hit their lowest point since November 2022. This data indicates that whales are accumulating more Bitcoin, potentially signaling a bullish sentiment in the market. Additionally, Santiment highlights the gains of altcoins like Chainlink, Immutable X, and Pyth Network, which are being widely discussed and could experience increased volatility due to FOMO.
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