New Data Reveals Surge in Shark and Whale Bitcoin Wallets
A recent report from market intelligence platform Santiment indicates a significant increase in the number of shark and whale wallets holding Bitcoin (BTC). These wallets are defined as entities that hold at least 10 BTC. The rise in shark and whale wallets began in early 2022 during a bear market for Bitcoin.
Santiment notes that since February 2022, there has been a historic surge in the number of these large wallets. In the past 20 months, an additional 11,806 addresses have met the threshold, representing an 8.12% total increase.
Inflation and Bear Market Discussions Influence Price Predictions
The market analytics firm also highlights that discussions around inflation and the crypto bear market are becoming more prevalent among traders and investors. Interestingly, a higher number of bearish sentiments can lead to price increases.
Santiment explains that as topics like inflation and bear market gain traction, it indicates a more pessimistic outlook on crypto markets. Paradoxically, this increased pessimism raises the probability of prices rising.
Precious Metals Outperforming Crypto Amid Global Conflicts
Santiment further observes that precious metals like gold and silver are outperforming cryptocurrencies during global conflicts such as the Israel-Palestine conflict and the Ukraine-Russia war. While crypto remains relatively stable during these events, gold and silver experience significant price surges.
Hot Take: Bitcoin Whales Signal Potential Bull Run
New data from Santiment reveals a notable increase in shark and whale wallets holding Bitcoin. This surge in large wallets indicates growing interest from institutional investors and high-net-worth individuals. Additionally, discussions around inflation and bear markets suggest a bearish sentiment among traders. However, counterintuitively, this could potentially lead to price climbs. As the crypto market continues to evolve, monitoring the behavior of these influential Bitcoin holders will be crucial in predicting future price movements.
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