© Reuters. Bitcoin (BTC) Whale Portfolios Show Intriguing But Contrasting Trends
U.Today – (BTC) price is in a steady stretch as market makers strive to keep the price above the $43,000 price mark. At the time of writing, the coin is changing hands for $43,060.65, down 0.14% in 24 hours. Bitcoin's erratic price growth has taken it to a low of $42,584.34 from a high of $43,422.49.
Bitcoin whale action
An intriguing trend in Bitcoin spotted by crypto analysis platform Santiment is the action of BTC whales. As the coin price fluctuates between $41,000 and $44,000 this week, Santiment observed a big trend in whale transactions.
The analytics firm said BTC whales holding between 1,000 and 10,000 coins reached 1,958 on February 1. This number is the highest count on the network since November 2022. In contrast, the number of whales holding between 100 and 1000 BTC in their wallets reached 13,735 as of February 1. This figure represents the lowest level since November 2022.
While whales in the 1,000 to 10,000 category according to Santiment data have grown by 47 more wallets in six days, smaller whales have registered 157 fewer addresses in the same period.
This divergent data on Bitcoin whales underscores the different dynamics that were at play in the market at the time. As large whales grow in number, smaller whales appear to be reversing their bets, potentially seeking alternative investments.
Bitcoin ETF Sentiment
The arrival of spot Bitcoin ETF products greenlit by the U.S. Securities and Exchange Commission (SEC) in January changed the accumulation dynamics supporting the growth in the number of large Bitcoin whales.
As mainstream investors subscribe to one of the ETF issuers' offerings, part of the profits go toward acquiring more Bitcoin, increasing the overall whale count. Since the products are just getting started, more whales may emerge in the near future.
This article was originally published on U.Today.
