Bitcoin whales are piling up, the amount of ETH held by Ethereum whales is now at a record level, according to Santiment

The cryptocurrency analysis platform Santiment reports that large Bitcoin holders are continuing to add to their positions despite the sharp drop in prices.

Santiment said Bitcoin whales began to pile up at “between 100 and 10,000 BTC” amid declining market sentiment.

“… Whales continue to accumulate. That hasn’t happened in the past few days, but they have taken action since the drop began.

They can afford to join early and that’s what they do. “

Santiment adds that Bitcoin’s rally from under $ 30,000 to over $ 33,000 at press time was due to fear.

“Fear, Uncertainty, and Doubt (FUD) of Bitcoin remain high as traders wonder if the price can drop back below $ 30,000.

However, due to fear of the crowd, the price has recovered for the time being. The market often moves in the opposite direction of the crowd’s expectations.

Source: Santiment

The cryptanalysis firm further argued that bitcoin would be a better asset than altcoins when the market corrects.

“Those who held bitcoin positions during the market correction were rewarded compared to risky altcoin holders.

BTC has only fallen -4.5% in the past 3 days due to volatility, while $ DOGE (-26.1%) and other altcoins have plummeted.

Source: Santiment

In terms of the second largest cryptocurrency by market cap, Santiment says its top ten holders are currently holding record amounts of ETH.

“Ethereum’s top 10 whales (excluding exchanges) continue to hold record numbers of coins and are even climbing, despite falling below $ 1,900 on Monday.”

Santiment pointed out that the top ten whales have also reduced the amount of Ethereum on the exchanges, which eases selling pressure.

“Meanwhile, the amount of ETH that the top 10 whales hold on the exchanges has continued to decline, meaning the likelihood of a sell-off is less likely.”

Source: Santiment

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