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Santiment: Bitcoin whales accumulated 40,000 BTC in 10 days

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  • Bitcoin whales bought about 40,000 BTC within the past ten days and 130,000 BTC in five weeks.
  • BTC reserves on all exchanges are starting to drop once again.

Within ten days, Bitcoin whales have accumulated up to 40,000 BTC, according to recent information from Santiment, a crypto data, and insight platform.

Since the bear market in May, many short-term holders were seen panic-selling their holdings, as most went underwater (i.e., unrealized loss). During this period, however, Bitcoin whales holding between 100 and 10,000 BTC were buying up from the weak hands, according to Santiment.

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Bitcoin whales are accumulating more BTC

In just the past ten days, Bitcoin whales reportedly accumulated 40,000 BTC, which equals over $1.4 billion in today’s price. These addresses bought a total of 130,000 BTC within the past five weeks. This strong level of accumulation seen with Bitcoin whale addresses has cleared the sell-offs incited by Tesla and the Chinese authorities, says the CIO at Moskovski Capital, Lex Moskovski.

What’s interesting to note is that it was in this period of massive accumulation that Bitcoin shot up to over $39,000 before dropping to today’s price of $38,333. More of this will slowly suck up BTC reserves on exchanges, which is essential to sustain the price of the largest crypto on the uptrend.

All Bitcoin exchange reserve

Bitcoin reserve on exchanges is starting to drop again, as per CryptoQuant. As of July 20, there were 2.481 million BTC on crypto exchanges. This coincides with the level of BTC accumulation from Bitcoin whales and retail investors.

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Santiment: Bitcoin whales accumulated 40,000 BTC in 10 days 1
All exchange BTC reserve

It remains to be seen if the buying pressure can sustain Bitcoin’s price to over $40,000.

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Bitcoin Can Become The 21st Century Digital Gold, Says Deutsche Bank’s Macro Strategist

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While Bitcoin can continue growing to become the “digital gold,” Ethereum has the ability to be the “digital silver,” according to Marion Laboure.

Marion Laboure – Macro Strategist at Deutsche Bank – believes bitcoin has the potential to become the “digital gold” of this century. However, she expects the cryptocurrency’s price to be “ultra-volatile” in the next few years.

Laboure also praised Ethereum’s use cases, labeling the asset as the “digital silver.”

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BTC – The Gold of The Future

According to Marion Laboure – Analyst and Macro Strategist at Deutsche Bank – Bitcoin possesses all the necessary qualities to step in when the world suffers from rising inflation, doubt, and fear due to the COVID-19 pandemic and the governments’ actions. As its supply is fixed (there will be no more than 21 million BTCs in existence), she stated that the asset could be a successful choice as a protection against the growing inflation.

The increased control by authorities over the population could be another factor that would make bitcoin attractive to the people. Laboure reminded that in such cases, throughout the years, humankind has turned towards assets that were not under the governments’ jurisdiction, such as gold. With that said, the executive believes BTC could become the “21st-century digital gold.”

It is worth noting that Deutsche Bank had a different opinion on the matter in the recent past. Last year, a report from the German multinational investment bank stated that bitcoin’s high volatility is an obstacle that makes the digital asset not a “reliable source of value.”

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According to Laboure, though, BTC’s enhanced fluctuations would not last forever. The asset remains “risky” as of the moment and could be “ultra-volatile in the foreseeable future” but just like gold, which has also experienced this issue, BTC would eventually overcome it.

While bitcoin is the pioneer in the crypto space and the largest digital asset by market capitalization, Laboure also praised Ethereum’s merits. She pointed out that it is more than a cryptocurrency as it offers many applications and use cases such as decentralized finance (DeFi) projects.

In fact, most of the trendy non-fungible tokens (NFTs) are part of the Ethereum blockchain and she noted ETH could be the “digital silver.”

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Laboure concluded that no other cryptocurrency would become stronger than Bitcoin or Ethereum in the next five years.

Marion Laboure
Marion Laboure, Source: Deutsche Bank

Crypto’s Obstacles

Deutsche Bank’s strategist also spoke about the disadvantages of the cryptocurrency space with lack of regulation being the main one. She sees the industry much more settled once this issue gets solved. The environmental concerns that crypto mining causes are the other big hurdle:

“In one year, Bitcoin uses around the same electricity as the entire population of Pakistan (c.217M people),” she reminded.

This has been a growing concern this year, but the number of companies and parties aiming to solve it has increased exponentially as well. For instance, several leading cryptocurrency exchanges have already launched initiatives that would make them carbon neutral, including FTX, BitMEX, and Gemini.

CBDCs, Cash, And Crypto

Laboure also gave her two cents about central bank digital currencies. She prefers decentralized cryptocurrencies saying that the centralized nature of the CBDCs would not be attractive to society. In any case, she believes both assets together with cash would successfully co-exist in the economic network.

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On another note, Deutsche Bank’s CIO, Christian Nolting, opined somewhat differently on the matter. Back in May, he said that the impending launch of CBDCs would be a major threat to bitcoin in terms of serving as a currency:

“A widespread introduction of CBDCs accompanied by higher regulation of cryptocurrencies could create a more challenging environment for crypto assets as some of their advantages compared to traditional financial assets would fade in the longer term.”

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Bitcoin goes up again and valuation reaches 2% and tokens reach up to 19%.

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Even as criticism from China intensified and the weekend slumped, cryptocurrencies started the week in recovery.

With a slight increase in the early hours of this Monday (27), Bitcoin was already recovering 0.93%, reaching US$ 43,621. In 24 hours, the currency has accumulated 2% in appreciation.

Ether, the currency linked to the Ethereum blockchain, started the day up 0.83%. In 24 hours, the currency has already recovered more than 5% of the value lost last Friday and Saturday, with the impact of statements from China.

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In addition to them, other currencies also show signs of recovery. According to TradingView data, altcoins such as Cardano, XRP, Dogecoin and Polkadot also recovered.

Cardano’s currency, for example, recovered 0.67% of its value, reaching $2.22. XRP rose about 1.84% to $0.96.

Solana’s cryptocurrency stays with its big moves, both down and up. This Monday morning, the currency was up 8.44%, returning to US$ 147.05.

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The cryptocurrency meme, Dogecoin, rose slightly compared to the market, rising only 0.28%. According to the TradingView charts, the currency was selling for $0.207530 at 8:00.

Also, tokens from games like AXS, from Axie Infinity also rose again after the weekend crash. With an increase of 2.01%, the AXS returned to the level of US$ 65.04. The ALICE token, from My Neighbour Alice, was also up 3.37%, reaching US$ 10.27.

Finally, the ATLAS tokens, from the Star Atlas game, and the BAKE, from the BakerySwap, were also high this Monday morning. While ATLAS rose 6.88% to $0.08, BAKE rose more than 16% to $1.74.

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China’s critics continue to rock the cryptocurrency market

China’s central bank said last Friday (24) that all transactions related to cryptocurrency are illegal in the country.

The People’s Bank of China (PBOC) has also stated that it will prevent financial institutions, payment companies and Internet firms from facilitating the trade in cryptocurrencies and will strengthen monitoring of the risks of such activities.

After the official statement, the popular Huobi exchange blocked new users from registering with a Chinese phone number. In a statement on Sunday it said it “would phase out existing user accounts in mainland China” by Dec. 31, as reported by Bloomberg.

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China’s government has intensified its crackdown on cryptocurrencies, and its efforts to restrict trade and mining have increased, which has heavily impacted the price of cryptocurrencies. The sharp falls come to worry specialists.

One of the reasons China wants to ban the use and mining of cryptocurrencies is energy consumption. According to the Beijing government, the vast amounts of electricity used in the country come from coal plants.

With the banning of cryptocurrencies in the country, the intention is to reduce carbon emissions and also to inspect cases of financial fraud that had been taking place in Chinese territory. The country recorded more than $2 million in fraud in a few weeks. The cases of money laundering and cryptocurrencies also worried the local government.

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Also read: Vietnamese project promises to be the next Axie Infinity and raises US$1.7 million

Also read: Thetan Arena: What is known about the new play-to-earn game?

Read also: Analysis: China stocks drove Bitcoin price this week

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Bitcoin Price Analysis: BTC still tests $44,000, ready to break higher today?

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  • Bitcoin price analysis is bullish for today.
  • BTC/USD tests $44,000 resistance.
  • Bitcoin is set to break higher today.

Bitcoin price analysis is bullish today as more upside was seen overnight, with the $44,000 resistance briefly broken. Therefore, we expect further upside to follow, likely leading BTC/USD towards a higher high later today.

Bitcoin Price Analysis: BTC still tests $44,000, ready to break higher today? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with a bullish momentum over the last 24 hours. The market leader, Bitcoin, has gained 1.27 percent, while Ethereum is up by 3.8 percent. Meanwhile, Solana (SOL) is the best performer today, with a gain of almost 9 percent.

Bitcoin price movement in the last 24 hours: Bitcoin briefly breaks $44,000

BTC/USD traded in a range of $42,822.37 – $44,313.25, indicating mild volatility over the last 24 hours. Trading volume has declined by 11.66 percent and totals $28.9 billion, while the total market cap trades at $821.7 billion, resulting in the market dominance of 42.25 percent.

BTC/USD 4-hour chart: BTC looks to set higher high today?

On the 4-hour chart, we can see the Bitcoin price action testing the $44,000 mark, which, once broken, will open up the way for a lot more upside.

Bitcoin Price Analysis: BTC still tests $44,000, ready to break higher today?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action traded in a bearish momentum over the past weeks. After an initial spike lower on the 7th of September, during which BTC/USD lost more than 15 percent, a several-day consolidation followed.

The $44,000 mark served as support several times until it was broken as a result of reversal from the $48,500 swing high. Early last week, Bitcoin finally found support at $41,000.

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What followed was a reaction higher during the middle of the week to $45,000. However, on Friday, another spike lower was made to $41,000. After further consolidation, BTC/USD made the fourth test of $41,000, again with rejection, indicating that bears are exhausted, and a market reversal is due this week.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish for today as bulls pushed BTC back to $44,000 resistance overnight. As long as the bullish momentum persists later today, we should see a break higher, with the next target the $46,500 resistance. 

While waiting for Bitcoin to move further, read our guides on NFT Games, CoinJar, as well as Bitcoin Memes.

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