Bitcoin whale and shark addresses tap February 2021 highs.
Santiment Feed, in a tweet on Tuesday, reveals that the number of Bitcoin shark and whale accounts has shown significant growth in the last 30 days, with the number of addresses reaching levels last seen in February 2021.
“The amount of Bitcoin addresses holding 10+ BTC has ramped up, particularly since the mid-June drop. In the past 30 days, these addresses have increased by 1.12%. There are 149.2k addresses holding 10 or more BTC, the most held since February, 2021,” Santiment tweeted.
? The amount of #Bitcoin addresses holding 10+ $BTC has ramped up, particularly since the mid-June drop. In the past 30 days, these addresses have increased by 1.12%. There are 149.2k addresses holding 10 or more $BTC, the most held since February, 2021. https://t.co/LOTtdvm1Rf pic.twitter.com/HZZsZXhqHe
— Santiment (@santimentfeed) July 12, 2022
It is worth noting that Bitcoin continues to show increasingly positive fundamentals. Notably, a tweet from Glassnode Alerts on Wednesday shows that Bitcoin deposits on exchanges continue to drop, as previously reported by the Crypto Basic on Tuesday.
“Bitcoin $BTC Number of Exchange Deposits (7d MA) just reached a 2-year low of 2,013.435 … Previous 2-year low of 2,016.685 was observed on 11 July 2022,” tweeted the firm.
? #Bitcoin $BTC Number of Exchange Deposits (7d MA) just reached a 2-year low of 2,013.435
Previous 2-year low of 2,016.685 was observed on 11 July 2022
View metric:https://t.co/v3uKq4dCjX pic.twitter.com/YytWwFB7Sx
— glassnode alerts (@glassnodealerts) July 13, 2022
In addition, data shows that Bitcoin holders continue accumulating the asset as they believe it is selling at an attractive discount. For example, Santiment on Saturday revealed that Bitcoin sharks had accumulated 52k BTC in 5 weeks.
Nonetheless, the asset’s price continues to struggle as inflation persists and institutional investors remain risk-off. In a tweet on Wednesday, Vetle Lunde, an analyst at Arcane Research, revealed that ProShares short Bitcoin ETF BITI had seen massive inflows as investors anticipate US inflation data later today.
Shorts are piling in ahead of today's CPI release.
BITI saw its 2nd-largest daily net inflow since launch yesterday, equivalent to daily growth in short exposure of 715 BTC, while BITO saw a quiet day.
Both BITI's and BITO's BTC equivalent exposure reached new ATHs yesterday. pic.twitter.com/0A4s5Fps98
— Vetle Lunde (@VetleLunde) July 13, 2022
At the time of writing, Bitcoin is exchanging hands for $19,525 on mainstream exchanges. It is down by 1% in the last 24 hours and 2.97% in the last seven days.
While several analysts agree that we may be in the final phase of the bear cycle as miners and some long-term holders capitulate, they caution that this phase could last for months.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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