New data from market intelligence platform Santiment shows that Bitcoin (BTC) is seeing a historic spike in the number of shark and whale wallets.
Santiment say that the number of Bitcoin sharks and whales, or entities owning at least 10 BTC, has been steadily rising since early 2022, when the crypto king was in the early stages of a bear market.
“Since February 2022, there has been a historic increase in the number of shark and whale wallets holding at least 10 BTC. Over the past twenty months, since this accumulation of new large wallets began, an additional 11,806 addresses have reached this threshold, a total increase of 8.12%.”
The market analysis agency goes further remark that traders and investors are increasingly talking about inflation and the crypto bear market, which counterintuitively increases the likelihood of price increases.
“Topics seeing an increase in discussion numbers include keywords like inflation and bear market, both signs that the crowd is taking a more bearish stance toward crypto markets. Ironically, the more traders lean towards falling prices, the greater the chance of price increases.’
Santiment then turns its attention to precious metals such as gold and silver, saying this is the case perform better crypto in the aftermath of the conflict between Israel and Palestine, as well as the beginning of the war between Russia and Ukraine.
“Crypto has remained flat during this opening week of renewed global focus on the Israeli-Palestinian conflict. However, gold and silver suffered a tear this week, just as we saw during the opening weeks of the Ukraine-Russia war in February/March 2022.”
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Generated image: Midjourney
