Santiment, an on-chain data analyst company, has shared that Bitcoin whales have been buying Bitcoin (BTC) very aggressively ever since Christmas.
Most of the Bitcoin supply is going to these high-net-worth investors only. As gathered from the data, it is not straightforward to separate the institutional investors from the individual ones.
Bitcoin has been increasing well and setting records for the past few weeks. Notwithstanding this bull rally, there are claims that Bitcoin whales are penetrating the market rapidly. The ones that are already there are aggressively buying one.
Bitcoin Whales Transferred $647M Worth Bitcoin from Small Addresses.
According to the data presented by Santiment, Bitcoin Whales have transferred around $647 million worth of Bitcoin from small addresses to large ones.
The analyst claimed in his tweet:
Total tokens will be around 24,158, and this will roughly cost approximately $647 million at the present rate. It is believed that the primary reason behind this kind of movement by Bitcoin whales is the current bull run. There are claims that if Bitcoin can break the barrier at $30,000, it will reach the $36,000 mark.
Bitcoin Market Giving Conflicting Signals
Byzantine General, a Bitcoin trader, has claimed that the Bitcoin market has lately presented several conflicting signals. This is because both the long and short contract holders have been highly aggressive as the bull run continues.
Furthermore, it has been seen that the Asian markets are seeing a massive increase in buyer demand as compared to the U.S. market. This indicates that Bitcoin demand in the U.S. spot market is now cooling down, and it might be less volatile there.