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Santiment Feed taps lack of whale interest as the cause of ranging Bitcoin prices.
Santiment Feed has tapped waning whale interest as the reason for ranging Bitcoin prices, per a tweet from the crypto analytics platform today.
Recall that The Crypto Basic yesterday reported findings by Ali Martinez that showed investors were not interested in Bitcoin at current prices. Notably, the analyst highlighted that whales and institutions were on the sidelines showing transactions over $100k at yearly lows.
Today Santiment reiterated this decline in whale activity, highlighting a strong correlation between whale transactions over $1 million and the Bitcoin price. The crypto analytics platform asserts that it would be bullish if the price continues to fall and these transactions surge.
“Bitcoin’s ranging prices have a lot to do with declining whale interest,” Santiment wrote. “This chart illustrates how closely BTC and $1M+ valued whale transactions correlate. If prices continue sliding and a spike occurs, this would be a historically bullish signal.”
🐳 #Bitcoin's ranging prices have a lot to do with declining whale interest. This chart illustrates how closely $BTC and $1M+ valued whale transactions correlate. If prices continue sliding and a spike occurs, this would be a historically #bullish signal. https://t.co/nDZj3eicRD pic.twitter.com/t7GFIKNpax
— Santiment (@santimentfeed) December 28, 2022
It is interesting to note that, unlike previous bear market cycles, small bag holders are accumulating the most. A chart shared 3 days ago by BigMak (@Mn2Big) shows that addresses holding between 0 and 1K BTC accounted for 60.68% of the Bitcoin accumulation at current lows. Recall that Bitcoin addresses holding less than 1 BTC have added at least 96k BTC since the FTX collapse, as The Crypto Basic reported at the end of November.
Key difference is that now a 0-1K addresses accumulated a lion share of coins at recent market lows, unlike before as bag holders at the previous cycle tops. #btc @santimentfeed pic.twitter.com/8khowNoVsm
— ₿igMak (@Mn2Big) December 24, 2022
It bears mentioning that Bitcoin traded close to the $16,800 price point since Christmas before slipping below $16,700 yesterday. It is currently trading at the $16,661.11 price point, down 1.29% in the last 24 hours.