Bitcoin Whales Trigger FOMO With Massive 20k BTC Haul

Key Points:

• Bitcoin whales are accumulating again, holding over 20% of BTC’s total supply.
• Bullish sentiment is returning to the market as BTC traded above $30,000.
• Flash crash liquidated 75,092 traders of roughly $180 million in the last 4 hours.

Bitcoin whales, which are addresses holding between 100-1,000 BTC, have accumulated 20,007 BTC, according to data from Santiment.

Over the past few weeks, this accumulation has returned the cohort’s holding to over 20% of BTC’s total supply. It is interesting to note that the whales had consistently taken profit over the past month. During this period, BTC traded above $30,000 for the first time in almost a year, returning bullish sentiment to the market.

The new Santiment data corroborates the previous Insight, which stated that whales holding over 10,000 Bitcoin are aggressively accumulating for the first time since January. Moreover, the report added that large entities’ activity is also at its highest level in almost a year to support further whale activity. This means that we can expect more activity from the whales in the near future.

However, Bitcoin fell below $30,000 during the early trading hours to as low as $29,010, according to data. The flash crash also affected several other top 10 digital assets like Ethereum, BNB, Cardano, Polygon, and others, as they lost over 5% of their values each.

According to Coinglass data, the incidence liquidated 75,092 traders of roughly $180 million in the last 4 hours. Shockingly, 98% of these traders held long positions in the market. This shows that the market has become increasingly volatile and unpredictable, which can lead to significant losses for traders.

Despite the steep decline, Santiment tweeted that Bitcoin price volatility is at its lowest since the second week of January. According to the firm, the asset’s volatility had touched a 9-month high in March when it traded above $25,000 but has steadily declined. This is good news for those who are looking for more stability in the market.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

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