Santiment, a company specializing in analyzing social metrics and data across various platforms, has released a report indicating that cryptocurrency “whales” and “sharks” are quickly accumulating BTC once again.
Last week, when the price of the first cryptocurrency plummeted to $20,000, wallet owners with a balance of 10 to 10,000 BTC added an astonishing 40,557 coins to their accounts, amounting to a staggering $821.5 million.
With Bitcoin rising to $22,400, the value of these purchases has soared to an impressive $908 million.
While investors have increased their BTC holdings, their interest in altcoins has not changed significantly, indicating a possible shift in market trends.
Analysts have advised monitoring traditional financial markets to predict the future rate of Bitcoin.
The fall in cryptocurrency prices this week was not caused by the actions of whales and sharks, as owners of wallets with a balance of 10 to 10,000 BTC purchased coins worth $821.5 million.
The correlation between cryptocurrency and stock markets may hold the key to understanding the reasons for the fall.
Discussions of Bitcoin are once again gaining popularity, while the focus on altcoins remains unchanged. Santiment representatives suggest that this trend may be a sign of fear in the market.
IntoTheBlock, another expert service, has previously reported that large investors hold a significant portion (39%) of the total Ethereum supply in their wallets.