Bitcoin Whales Add More Than $930,000,000 Worth of BTC
Santiment, the crypto analytics platform, has said Bitcoin whales are in heavy activity again. The report said Bitcoin whales have been accumulating in the last nine days.
Heavy Whale Activities
Sentiment said the whales have added to their holdings, Bitcoin worth $931,309,410. This was dated from last week Tuesday till the time of this report. This is now the longest accumulation streak for the whales since May, Santiment said.
The report read that Bitcoin whales are displaying evidence of sustained token accumulation. According to the same report, such has been a rare occurrence this year. Wallets holding between 100 and 10,000 BTC have added about 46,173 more, collectively.
It should also be noted that USDT holdings have reduced while this goes on. Bitcoin trades at $20,170 as of the time of this publication.
Santiment observed that Bitcoin on crypto exchanges has reduced in the early part of this week. They were back at the levels that were last seen in November 2018. The platform further said that the possibility of a selloff is now at the minimum.
The reduced selloff risks are a result of having less Bitcoin held in exchanges. Santiment equally looked at the Optimism Ethereum scaling solution. The platform said that activities are growing on Optimism.
The layer 2 Ethereum solution has seen high numbers of new wallets created on it. Daily active wallets have also climbed more than ever before.
Ethereum and Market Forces
On-chain activities for Optimism have grown steadily, according to Santiment’s report. This comes in spite of its poor price performance.
The number of daily activities on the network reached the highest since Optimism began operation. New addresses also reached new levels. Optimism has lost 30% value in the month and currently trades at $0.85.
The transition of Ethereum to the proof-of-stake protocol from the old proof-of-work promised ease. The POS is made to attract new developers while retaining existing ones. Ethereum developers would be able to achieve more output with less energy usage.
Apart from scalability, Ethereum POS also promised better security. It is, however, the reality that ETH has not secured a price breakthrough after the Merge. Ethereum’s price has been disappointingly inconsistent against market expectations for the POS phase.
The wider crypto market is under the weight of macroeconomic policies from central banks. Crypto falls in tandem with stocks but analysts are optimistic that would change. It is expected that investors would seek refuge in crypto against a recession.
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