Bitcoin Whales Escalate Feeding Frenzy, Adding Over $930,000,000 In BTC Collectively: Santiment
Cryptocurrency analytics platform Santiment says Bitcoin (BTC) whales have accumulated sharply over the past nine days.
Sentiment says that since Tuesday of last week, Bitcoin whales have added approximately $931,309,410 worth of Bitcoin at the time of writing.
According to the crypto analysis platform, this is the longest period of sustained accumulation of Bitcoin whales since May.
“Bitcoin whales are showing signs of sustained accumulation, which has been a rarity in 2022. Since September 27th, addresses holding 100 to 10,000 BTC have collectively added 46,173 BTC back to their wallets as large USDT [Tether] holdings have fallen.”
Bitcoin is trading at $20,170 at the time of writing.
Earlier this week, Santiment noted that Bitcoin supply on crypto exchanges had fallen to levels last seen in November 2018. According to the analytics platform, the chances of a sell-off risk have further decreased with less than 9% of Bitcoin supply currently held on crypto exchanges.
Santiment is also investigating Ethereum (ETH) scaling solution Optimism (OP). According to the cryptoanalysis platform, Optimism is on the chain Activity is growing with the layer-2 scaling solution witnessing a record number of new addresses created and daily active addresses.
“Chain activity for Optimism has grown despite its underwhelming price performance. The amount of daily active addresses interacting on the network, as well as new addresses created, is at the highest levels since OP’s inception in May.”
Optimism is trading at $0.85 at the time of writing, down about 30% in the last 30 days.
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Featured image: Shutterstock/Andrey Suslov
