Crypto analytics firm Santiment has revealed that despite Bitcoin (BTC) plunging below $20,000 last week, two key investor cohorts, Bitcoin whales and sharks, have been accumulating the cryptocurrency. Addresses holding 10 to 10,000 Bitcoin reportedly bought 40,557 BTC worth a whopping $821.5 million in the past week.
Santiment advises investors to keep an eye on traditional markets for clues on what comes next for BTC, suggesting that Bitcoin sharks and whales are not to blame for crypto’s rough week. The firm notes that the correlation between crypto and equities is worth watching.
Santiment also reveals that traders have shifted their focus to Bitcoin at the expense of altcoins following last week’s pullback.
This change in behavior could be a signal that a crypto market reversal is in sight. The analytics firm explains that high Bitcoin discourse is a fear sign that historically can turn around markets. This is the highest ratio of Bitcoin vs altcoin discussions since July 2022, according to Santiment.