On-chain data shows that Bitcoin (BTC) whales have collected tens of thousands of the crypto king over a period of just over a month, while the flagship digital asset is in a consolidation zone.
Whales, or entities holding between 1,000 and 10,000 Bitcoin, have accumulated more than $2.32 billion in major crypto assets in the past five weeks, according to blockchain analytics firm Santiment.
Sanitation say that the price of the leading crypto asset rose more than 30% earlier this year after BTC whales began a similar accumulation between late December 2022 and early January.
“Bitcoin’s main major whale address level has been steadily accumulating over the past five weeks, accumulating a combined 84,897 BTC during this period as prices stagnate. In their previous accumulation cycle in January, prices increased by +34.4%.”
In yet another potentially bullish signal based on Santiment’s data, crypto trader Ali say that more than 20,000 Bitcoin worth more than $546 million were withdrawn from centralized crypto exchanges within a day.
“Bitcoin – on-chain data from Santiment shows more than 20,000 BTC have been withdrawn from well-known crypto exchange wallets in the past 24 hours.”
Earlier this week, the analytics company revealed that it was tracking popular video publications and videos found it that sentiment in the crypto markets was bullish, indicating increasing optimism from previous weeks.
“By filtering popular trending videos at the beginning of the second half of May, we see that the sentiment is mostly optimistic. In general, we can conclude that this is a good reflection of the public’s sentiment. There is more optimism than in recent weeks.”
At the time of writing, Bitcoin is trading at $27,351.
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