Bitcoin Hits $46k And Whales Show No Signs Of Profit Taking

Santiment data reveals something pretty interesting these days.

BTC whales are not interested in taking profits

It’s been just reported that blockchain analytics firm Santiment said that Bitcoin (BTC) whales aren’t showing interest in taking profits as BTC continues to build strength.

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $45,849.22.

The firm said that Bitcoin entities holding between 100 and 10,000 BTC now hold 9.28 million coins, or about 44% of the total supply, which is an all-time high for the investor cohort.

“Bitcoin millionaire addresses holding between 100 and 10,000 BTC aren’t showing profit-taking signs on this surge we’ve seen over the past couple weeks. These holders hold a combined 9.23M BTC now, which matches their AllTimeHigh held on July 28.”

The link between gold and Bitcoin capital inflows

Santiment also brings up a potential link between gold and Bitcoin capital inflows.

Next phase of the bull market

The analytics firm points out an additional indicator that it says is key for Bitcoin to begin the next phase of its bull market.

The number of daily active addresses on the Bitcoin network will be a crucial signal for a bullish BTC resurgence, they note.

“Bitcoin’s revisit to $45,000 for the first time since mid-May is certainly something to celebrate. However, watch daily address activity closely now, as a subsequent rise back to the 1 million+ per day levels will be key in signifying a bullish resumption.”

Stay tuned for more news, and make sure to keep your eyes peeled on the crypto market.

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.
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