Crypto Whales Increase Bitcoin Holdings, Adding $3,210,000,000 in BTC to Portfolios Since May: Santiment

Crypto analytics firm Santiment says deep-pocketed investors are accumulating Bitcoin amid the sustained downturn in the markets.

Santiment says that a certain cohort of BTC investors has been growing in population since the crypto market crash in May.

“Bitcoin may have dropped to [$31,000] Thursday, but the BTC ‘millionaire tier’ of addresses holding between 100 and 10,000 keeps climbing.

The cumulative amount of holdings for these whales has increased by 100,000 BTC since May 21st.”

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Source: Santiment/Twitter

At time of writing, the 100,000 BTC held by the millionaire cohort is worth over $3.21 billion.

The crypto insights firm also reveals that crypto traders and investors on Twitter continue to remain bearish on the leading crypto asset. According to Santiment, the negative sentiment could be a signal that BTC is poised for a bounce.

“Twitter’s sentiment toward Bitcoin remains negative in the amount of volume and tone that our algorithm is picking up. Generally, when there is negativity, there is a higher degree of a price upswing to catch the crowd off guard.”

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Source: Santiment/Twitter

As for the second-largest crypto by market cap, Santiment says Ethereum (ETH) could bounce if it manages to stay above $1,800. The firm adds that Ethereum’s on-chain metrics are flashing positive signals, but it is still too early to tell if the price has bottomed out.

“ETH’s price action continues to linger around a bearish bias, with it hanging on to a very important support now. Bulls really need to step in soon (for a bounce at the very least), else bears shall continue their downward trend.”

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