On-chain data reveals that Bitcoin (BTC) whales have accumulated tens of thousands of the crypto king over a period of a little more than a month as the flagship digital asset sits in a consolidation zone.
According to blockchain analytics firm Santiment, whales, or entities who hold between 1,000 and 10,000 Bitcoin, have accumulated over $2.32 billion worth of the top crypto asset in just the last five weeks.
Santiment says that the price of the leading crypto asset went up over 30% earlier this year after BTC whales embarked on a similar accumulation spree between late December of 2022 and early January.
“Bitcoin’s key large whale addresses tier has been on a steady accumulation run over the past five weeks, accumulating a combined 84,897 BTC during this time while prices are stagnant. In their previous accumulation cycle in January, prices jumped +34.4%.”
In yet another potential bullish signal based on Santiment’s data, crypto trader Ali says that more than 20,000 Bitcoin worth over $546 million have been withdrawn from centralized crypto exchanges within a day.
“Bitcoin – on-chain data from Santiment shows that over 20,000 BTC have been taken off known crypto exchange wallets in the past 24 hours.”
Earlier this week, the analytics firm revealed that it tracked top trending video publications and found that sentiment in the crypto markets was skewing bullish, suggesting rising optimism relative to previous weeks.
“By filtering popular trending videos as we kick off the second half of May, we are seeing that the sentiment is mainly bullish. Generally, we can deduce that these are good reflections of crowd sentiment. More optimism is prevalent compared to the past few weeks.”
At time of writing, Bitcoin is trading for $27,351.
Generated Image: Midjourney
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