Bullish Signal? Whales Still Hold 15,907+ BTC Despite Low Activity
CryptoNewsTerminal Staff16 May, 2024
Bullish Signal? Whales Still Hold 15,907+ BTC Despite Low Activity
On-chain analytics platform Santiment reported on the number of whales holding large amounts of Bitcoin (BTC). According to their findings, the number of whale wallets holding 100+ BTC remains high at 15,907. However, whale activity has dropped to its lowest level of 2024. Santiment suggests that an increase in whale wallet activity could be a bullish signal. This is because whales are often seen as leading indicators of market trends. If whales start buying or selling in large volumes, it could signal a change in market sentiment. It's important to note that whale activity is not the only factor that can affect the price of Bitcoin. Other factors, such as institutional adoption, regulation, and global economic conditions, can also play a role. However, whale activity is one factor that traders and investors should keep an eye on.
