Bitcoin News: Crypto analytics firm Santiment has started to closely monitor Bitcoin whale behavior after sales that plunged the BTC price to $30,000 last month.
Whales continued to buy Bitcoin
Santiment revealed that large crypto holders are buying BTC even if the digital asset fails to reclaim the $40,000 level. The firm revealed that Bitcoin whales recently purchased tens of thousands of BTC worth about $2 billion.
“Bitcoin continues to fluctuate in the $37,000 to $39,000 range, but behind the scenes, whales are accumulating. Addresses with 100 to 10,000 BTC have added a total of 50,000 BTC or ~$1.95 billion to their wallets.”
Santiment says that while crypto whales continue to accumulate BTC during the market downturn, smaller investors are selling their Bitcoin holdings.
“Bitcoin whale addresses holding 1,000+ BTC hold 7.88 million tokens. This is the largest amount of BTC held by whales since March 14. It also coincides with 2.65 million BTC held by addresses with 10 or less BTC, the MINIMUM in six months.”
Santiment also recently shared an overview of the Ethereum (ETH) market, noting some cautious bullish indicators. The crypto insight platform looks at the NVT (network value-to-transaction ratio) metric, which measures the fair value of a crypto asset by dividing the market value of a cryptocurrency by its trading volume.
“Ethereum has risen sharply as the weekend begins. Our NVT token circulation model shows that ETH tokens are still highly exchanged on its network compared to the current market cap, indicating a slight bullish divergence.”
The second-largest cryptocurrency by market cap is now hovering at $2,705 after hitting a record high of over $4,300 last month. However, Santiment says that negative sentiment towards the token could help boost its prices.