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.
📈 #Bitcoin and 📉 #gold investors saw very opposite price performances to close out the trading week. $BTC surged to above $43k, as gold has swung downward, seeing its biggest decline since mid-June. The two are very much behaving inverse to one another. https://t.co/nA8nGnXMOr pic.twitter.com/Fpc5Xn6p6S
— Santiment (@santimentfeed) August 7, 2021
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.