• While the broader cryptocurrency market holds its collective breath, whales are stockpiling Bitcoin

  • Bitcoin, like other cryptocurrencies, has had a difficult seven days. As a result, crypto investors are understandably wary of the market and any investments at this time. This has manifested itself in the market performance of digital assets. Various dips have pushed the market into what appears to be a long-suffering mode. While most investors wait to see what happens next, whales are making moves with their bitcoin investments.

    The Whales Are Getting Ready For The Next Bitcoin Rally

    Whales have been known to transfer large amounts of cryptocurrency between wallets. These occur in both bull and bear markets. Recent metrics have revealed that whales are taking advantage of the current price drops as a buying opportunity. Movements from BTC wallets holding 100 to 10,000 bitcoins, also known as whales, demonstrate that these investors are unfazed by current market trends.

    Wallets with at least 100 to 10,000 BTC have increased their holdings in the last few days, according to data. Since the start of the week, these whales have amassed over $2.9 billion in bitcoin. The market entered a period of low momentum following the price crash on September 7th. Price remained in the $45K to $47K range, with little movement in either direction. Providing a fantastic opportunity for big-time investors to fill their suitcases.

    The spending rate of the whale wallets is another intriguing metric. On-chain analysis reveals that these wallets aren’t doing much with their bitcoins. Rather, the assets in the wallets have remained in place. Typically, only what appears to be investors or entities moving their coins to other personal wallets are moving in. In short, the whales are stockpiling and have no intention of selling anytime soon.

    Market sentiment has shifted to neutral.

    Following the market crash last week, market sentiment took a complete 180-degree turn. The Fear & Greed Index had shown increasing positive sentiment among investors the week before, when the index had moved from greed to extreme greed. This put the market under enormous buy pressure in the week leading up to one of the biggest bitcoin adoption stories: El Salvador’s sovereign nation making BTC legal tender.

    The market, on the other hand, did not react as expected on the day the law went into effect. Instead of triggering a continuation of the market’s bull run, BTC had lost over 17% of its value in a flash crash. Following the crash, the Fear & Greed Index immediately moved into the fear zone, where it remained for the rest of the week.

    However, the index has now entered neutral territory. Gaining 7 points from the previous week’s Fear 46 to place it in a neutral position. Despite the fact that the index has dropped five points between yesterday and today. Showing that the index is gradually returning to neutral, despite the fact that market sentiment remains heavily skewed to the downside.

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