Amid negative sentiment around bitcoin and the entire digital asset sector, btc whales are becoming increasingly noticeable in the cryptocurrency market as the number of wallets containing 10 or more of the flagship coin. x.com/santimentfeed/status/1802537797397733440″ target=”_blank” rel=”noopener nofollow”>reached a record.
This rise highlights a strong conviction in the long-term value of bitcoin as it navigates a challenging landscape of price volatility and regulatory hurdles. It also indicates that btc has strong fundamental support going forward, which is consistent with general optimism in the market.
bitcoin Whale Accumulation Hits 2-Year High
According to blockchain analytics firm Santiment, the number of these major holdings has reached a level not seen since 2022, indicating a strategic move by major players to strengthen their positions in the leading cryptocurrency asset.
On-chain data shows that as of February 2022, the number of wallets holding 10 or more btc now control a staggering 82% of the supply, indicating a resurgence of belief in the long-term value of the cryptocurrency. Given the erratic nature of the cryptocurrency market and the regulatory uncertainty that has plagued it of late, this pattern is especially important.
Furthermore, Santiment pointed out that many things have happened since then, such as The value of bitcoin rising by over 226%, demonstrating its position as a potential coin in the cryptocurrency market.
The post said:
Wallets containing 10 or more bitcoin combined have just equaled the same level of holdings as exactly 2 years ago. A lot has changed since then, including an increase in bitcoin's market value of +226%.
Drawing attention to the collapse of FTX in 2022The analytics platform underlines the crypto community's belief that the incident successfully suppressed cryptocurrency prices in the second half of 2022. However, following the exchange's demise in November 2022, there has been a clear correlation between the total market value of bitcoin and the wallets they contain. more than 10 btc.
The growing number of large holding companies is noteworthy because these whales often have a significant impact on market dynamics, especially when it comes to price stability and liquidity.
Consequently, your accumulation of the flagship coin may be an indication of optimism and possibly lead to additional price growth. However, it is important to approach the market knowing exactly what risks are involved, although this accumulation could be a bullish sign.
Large btc holders are considered worthless
Since these types of developments are generally considered a bullish signal for price movement, TOBTC, a trading platform, has x.com/_TOBTC/status/1802224446960455746″ target=”_blank” rel=”noopener nofollow”>highlighted The opinions of various analysts on the development. Depending on the platform, btc whale Watching or following the moves of top bitcoin investors is popular on social media, but traders consider it useless for valuable analysis.
Related reading: If bitcoin ETFs are bought, who is sold? Analysts' main responses
Several analysts maintain that whale movements are mostly misinterpreted and are not a reliable indicator of market trends. They therefore caution against making statements about the market based solely on whale metrics, noting that this data is sometimes noisy and essentially acts as bait for social media engagement.
Featured image from iStock, chart from Tradingview.com
