New data from market intelligence platform Santiment reveals that Bitcoin (BTC) is seeing a historic spike in the number of shark and whale wallets. Santiment says that the count of Bitcoin sharks and whales, or entities holding at least 10 BTC, has been on a steady rise since early 2022 when the crypto king was in the early stages of a bear market.
“Since February 2022, there has been a historic rise in shark and whale wallets holding at least 10 BTC. In the past 20 months, since this accumulation of new large wallets began, 11,806 more addresses have met this threshold, an 8.12% total increase.”
The market analytics firm goes on to note that traders and investors are increasingly talking about inflation and the crypto bear market, which counterintuitively raises the probability of prices rising. “Topics seeing rises in discussion rate include keywords like inflation and bear market, both signs that the crowd is taking more of a bearish stance toward crypto markets. Ironically, the more traders lean toward prices going down, the higher the probability of price climbs.”
Santiment then turns its attention toward precious metals such as gold and silver, saying that they are outperforming crypto in the wake of the conflict between Israel and Palestine, much like the beginnings of the war between Russia and Ukraine.
“Crypto has stayed flat through this opening week of renewed global focus on the Israel/Palestine conflict. Gold and silver, however, have been on a tear this week, just as we saw during the opening weeks of the Ukraine/Russia war in Feb/Mar 2022.”
Source : The Daily Hodl by Daily Hodl Staff / October 16, 2023