Bitcoin Witnesses Historic Explosion in Shark and Whale BTC Wallets

Bitcoin Witnesses Historic Explosion in Shark and Whale BTC Wallets

It has been just revealed that Bitcoin has been able to mark a new success. Check out the latest historic move that the most important digital asset has been able to make.

Bitcoin marks new success

According to new data from the market intelligence platform Santiment, the number of shark and whale wallets in Bitcoin (BTC) has reached a historic high.

Shark and whale wallets refer to entities holding at least 10 BTC of Bitcoin.

This count has been steadily increasing since early 2022, when the crypto market was in the early stages of a bear market.

Since February 2022, there has been a significant rise in the number of these large wallets, with 11,806 more addresses meeting this threshold, representing an 8.12% increase over the past 20 months.

According to a market analytics firm, there is a growing discussion among traders and investors about inflation and the crypto bear market. Surprisingly, this increases the chances of prices going up.

The firm notes that keywords like “inflation” and “bear market” are becoming more common in discussions, indicating a bearish sentiment towards crypto markets.

However, the more traders lean towards prices going down, the higher the chances of prices actually going up.

The firm then shifts its attention towards precious metals like gold and silver, which are currently outperforming crypto.

This trend is similar to what happened during the beginning of the conflict between Russia and Ukraine.

Crypto prices have remained flat during the recent global focus on the Israel/Palestine conflict, but gold and silver have been performing well during the same period, just like they did during the Ukraine/Russia war in February and March of 2022.

Bitcoin new ATH timeline

Crypto analyst Jason Pizzino has made a prediction about when Bitcoin (BTC) could reach a new all-time high (ATH).

In a recent strategy session, Pizzino informed his 290,000 YouTube subscribers that BTC may enter a bull market cycle as early as late next year.

This would push the king crypto beyond the current ATH of about $69,000.




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