Crypto Whales increases Bitcoin holdings, adding $ 3,210,000,000 in BTC to portfolios since May: Santiment

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Crypto analysis firm Santiment says investors with deep pockets are racking up Bitcoin amid the sustained downturn in markets.

Santiment says a certain cohort of BTC investors have seen their populations increase since the crypto market crash in May.

“Bitcoin may have fallen to [$31,000] Thursday, but the BTC “millionaire level” of addresses containing between 100 and 10,000 continues to climb.

The cumulative amount of holdings for these whales has increased by 100,000 BTC since May 21. “

Source: Santiment / Twitter

At the time of writing, the 100,000 BTC held by the Millionaire Cohort is worth over $ 3.21 billion.

The crypto analysis firm also reveals that crypto traders and investors on Twitter continue to remain bearish on the main crypto asset. According to Santiment, the negative sentiment could be a signal that BTC is about to rebound.

“Twitter’s sentiment towards Bitcoin remains negative in terms of the volume and tone our algorithm is picking up. Usually when there is negativity there is a higher degree of price hikes to catch the crowd off guard. “

Source: Santiment / Twitter

As for the second largest crypto by market cap, Santiment says Ethereum (ETH) could rebound if it manages to stay above $ 1,800. The company adds that Ethereum’s on-chain metrics are sending out positive signals, but it is still too early to tell if the price has bottomed.

“ETH price action continues to linger around a bearish bias, and is now holding onto very strong support. The bulls really need to step in soon (for a rebound at the very least), otherwise the bears will continue their downtrend. “

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Featured Image: Shutterstock / Ajit Bahadur

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