Cryptocurrency

Bitcoin Whale Analysis: What Are Smart Investors Doing in the Downturn?

Crypto analytics firm Santiment says big investors are accumulating Bitcoin in the midst of the always downturn in the markets. Since the May crypto crash, a certain cluster of investors has been observed buying. Santiment’s current information and details are as follows…

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In decline, Bitcoin whale wallets continue to rise

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Cryptocoin. com, the crypto markets have been on a steady decline with successive developments after the May peak. Although the Bitcoin price managed to spend over $30,000 in this period, the test of the $28,000 support on the charts also took place. The data announced by Santiment for the critical abutment area are as follows:

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Bitcoin may have dropped as low as $31,000 on Thursday, but the BTC “millionaire tier” holding in the middle of 100 to 10,000 continues to climb. The total asset size of these whales has increased by 100,000 BTC since May 21.

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At the time of writing, 100,000 BTC in the hands of the aforementioned millionaire cluster continues to remain above $ 3.21 billion. The crypto analytics firm also reveals that crypto traders and investors on Twitter continue to be bearish on the leading crypto asset. According to Santiment, the negative sentiment could be a signal that BTC is ready for a bounce. The explanations of the analysis company are as follows:

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Twitter’s sentiment towards Bitcoin remains negative as measured by the volume and tone picked up by our algorithm. Generally, when there is negativity, there is a higher degree of price increase to catch the crowd off guard.

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Santiment’s Ethereum assumptions

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As for the second-largest crypto by market cap, Santiment says that Ethereum (ETH) could bounce if it manages to stay above $1,800. The firm adds that Ethereum’s on-chain metrics are showing positive signals, but it’s too early to tell if the price will bottom out. Santiment explains:

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ETH’s price action continues to linger around the downtrend, currently attached to a very valuable foothold. The bulls really need to step in soon (at least for a bounce), otherwise the bears will continue the downtrend.

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Finally, at the time of writing, the president crypto Bitcoin is trading at $31.510.73. At the same time, BTC has been testing the $31,000 support for the past 4 days. So far, the area has not been descended. Ethereum is trading at $1,897.83. It climbed as much as 6% on the day and approached the $2,000 resistance. However, 11% of ETH for the last 7 days. Its decline to 47 makes the leading altcoin one of the top 10 crypto losers among the top 10 cryptocurrencies. Polkadot, on the other hand, fell 20%, becoming the biggest loser amid the largest altcoins.

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