Santiment Feed recently shared a tweet explaining how Bitcoin (BTC) has experienced a significant buy in the past week.
Santiment Feed an on-chain and social sentiment analytics firm noted wallet addresses having between 100 to 10k BTC have accumulated 46,173 BTC since September 27, noting a correlation between decreasing Tether USD (USDT) whale supply and increasing Bitcoin whale supply and vice verse.
Per Santiment; “Bitcoin whales are showing signs of sustained accumulation, which has been a rarity in 2022,” and further stated that “Since September 27, addresses holding 100 to 10k BTC have collectively added back 46,173 BTC back to their wallets as large $USDT holdings have dropped.”
It is worth noting that the massive and continuous accumulation by the whale is a clear indication that investors are somehow bullish on the asset and tend to acquire massively to take a profit in the long run.
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Another data from Santiment which was released yesterday, 4th September 2022, revealed that the amount of BTC supply held by the exchanges is less than 9%, the first time since 2018 and this symbolizes low selling pressure.
15,000 BTC Is Transferred To Huobi Global Exchange In Three Separate Transactions.
Per the whale alert’s tweet shared today, says almost 15,000 BTC has transferred to Huobi Global exchange in three rapid transactions of about 5k BTC each, a possible sign that sellers are not completely exhausted.
Despite the unpalatable analysis by some analysts like Glass node that once predicted that BTC’s price could fall as low as $12k, joining the likes of Justin Bennett and Peter Brandt who have also done the same, investors are getting more used to the pattern of $19k to %20k price range. For instance, JP Morgan still sees BTC as the best profitable asset so far.
More also, Michael Saylor previously tweeted about the popularity of Bitcoin. He asked his follower if they know anyone at all that is ignorant of Bitcoin.
At the moment, BTC is trading at a little above $20k up by 2.69% in the last 24 hours and 7.23% in the last seven days.