Bitcoin Whales Making Big Moves As BTC Trades in Tight Range, According to Analytics Firm Santiment
New data from market intelligence firm Santiment reveals that the population of large Bitcoin (BTC) whales is at a level not seen in about 15 months.
Santiment says the number of wallets that hold between 1,000 and 10,000 BTC is on the rise as Bitcoin continues to consolidate.
On the other hand, Santiment finds that Bitcoin wallets holding between 100 and 1,000 BTC are on the decline.
“Bitcoin is ranging between $41,000 and $44,000, but whale wallets are moving big…
Number of 1,000-10,000 BTC wallets: 1,958 on Feb. 1st (most since November 2022).
Number of 100-1,000 BTC wallets: 13,735 on Feb. 1st (least since November 2022).”
Bitcoin is trading for $42,884 at time of writing, a marginal increase in the last 24 hours.
Moving on to other digital assets, Santiment notes that a trio of altcoins – decentralized oracle provider Chainlink (LINK), layer-2 scaling solution Immutable X (IMX) and data aggregator Pyth Network (PYTH) – each enjoyed gains of at least 23% each last week.
Santiment notes that the three altcoins are being discussed at a high rate by the public, meaning that FOMO (fear of missing out) surrounding them could lead to volatility.
“Chainlink (+34%), ImmutableX (+23%), and Pyth (+26%) have all enjoyed impressive market cap growth in the past week. The mainstream crowd is discussing them at high rates, meaning FOMO should lead to high volatility for these particular assets.”
LINK is trading for $18.70 at time of writing while IMX and PYTH are worth $2.14 and $0.498, respectively.
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