Santiment Analytics Firm Reports Bitcoin Sharks and Whales Devour $1.17 Billion Worth of BTC in One Month

Large Bitcoin Holders Accumulate $1.17 Billion in BTC Since September: Santiment

Crypto analytics firm Santiment has revealed that large Bitcoin (BTC) holders, known as sharks and whales, have been steadily accumulating the top cryptocurrency since September 1st. These entities, which hold between 10-10,000 BTC, have collectively acquired $1.17 billion worth of Bitcoin during this period.

Implications for BTC Price

Santiment suggests that this accumulation pattern increases the likelihood of Bitcoin returning to the $30,000 price level, unless these holders decide to sell off their BTC holdings.

Bitcoin’s Current Price and Willy Woo’s Perspective

At the time of writing, Bitcoin is trading at $27,853 with a nearly 3% increase over the past 24 hours. It briefly surpassed $28,000 on Monday for the first time since August.

However, not everyone agrees with Santiment’s analysis. Prominent Bitcoin analyst Willy Woo argues that buying up BTC on exchanges does not actually boost its price. He believes that synthetic BTC through futures markets adds to the inventory and that a supply shock occurs when futures markets relent.

Spot-Based Bitcoin ETF Approval

According to Woo, the approval of a spot-based Bitcoin exchange-traded fund (ETF) will help address this issue by rectifying the supply shock problem.

Hot Take: Large Bitcoin Holders Accumulate, Indicating Potential Price Increase

The accumulation of Bitcoin by large holders suggests a potential price increase in the future. Santiment’s data reveals that these entities have acquired $1.17 billion worth of BTC since September 1st. However, there is a difference of opinion regarding the impact of this accumulation on Bitcoin’s price. While Santiment believes it could lead to a return to the $30,000 level, Willy Woo argues that buying BTC on exchanges does not create a supply shock and that the approval of a spot-based Bitcoin ETF is necessary to address this issue. As the market continues to evolve, it remains to be seen how these factors will affect Bitcoin’s price in the long term.