On-chain data shows that over the past month, Bitcoin (BTC) whales have accumulated tens of thousands of the cryptocurrency, while it remains in a consolidation phase. Santiment, a company that analyzes blockchain, reports that whales, which are individuals or entities holding 1,000 to 10,000 Bitcoin, have acquired more than $2.32 billion worth of the top cryptocurrency asset in the last five weeks.
Santiment reports that the price of the primary cryptocurrency rose by over 30% in the early part of this year, following a period of accumulation by BTC whales in late December 2022 and early January.
“Over the past five weeks, Bitcoin’s primary large whale addresses have been on a consistent accumulation run, accumulating a total of 84,897 BTC while prices have remained stable. During the previous accumulation cycle in January, there was a 34.4% increase in prices.
According to Santiment’s data, there is a possible bullish signal as reported by crypto trader Ali, stating that a total of 20,000 Bitcoin, which is worth over $546 million, was withdrawn from centralized crypto exchanges within a day. According to Santiment’s on-chain data, cryptocurrency exchange wallets have seen a decrease of over 20,000 BTC in the last 24 hours.
The analytics firm disclosed earlier this week that it monitored the top trending video publications and discovered that sentiment in the cryptocurrency markets was skewed bullish, indicating rising optimism relative to previous weeks.
As we approach the latter half of May, we can see a bullish sentiment prevailing by analyzing the currently popular trending videos. Overall, it can be inferred that these are truthful representations of the public’s feelings. Optimism has risen in comparison to the past few weeks.
Bitcoin is currently being exchanged for $27,321 as of the time of writing.
