Crypto analytics firm Santiment has reported that Bitcoin whales and sharks, or addresses holding 10 to 10,000 Bitcoin, have accumulated a staggering $821.50 million worth of BTC in the past week.
This comes as the value of Bitcoin fell below $20,000, prompting some investors to buy the dip.
Despite the heavy accumulation from the largest Bitcoin holders, Santiment suggests that investors should keep an eye on the traditional markets for clues on what comes next for BTC. The correlation between crypto and equities is a key factor to watch.
Interestingly, the analytics firm also notes a shift in trader behavior, as they focus more on Bitcoin at the expense of altcoins following last week’s pullback.
Santiment suggests that this change could be a signal that a crypto market reversal is in sight.
With Bitcoin whales and sharks accumulating more BTC, investors may see this as an opportunity to buy in before the market potentially turns around.
However, caution is advised as the crypto market remains highly volatile, and external factors such as traditional market movements can also influence crypto prices.