🐳 Bitcoin whales quietly hoarding, is it the calm before the storm or a market misreading?
Pay attention, the number of wallets of large holders of 100 or more BTC, which we call "whales", has increased by 1.9% in the past two weeks, with 297 new wallets. At the same time, the number of wallets of small retail investors has decreased, down 0.1%, with 20,629 fewer wallets.
According to Santiment's analysis, this may mean that these big players are quietly accumulating Bitcoin while small retail investors are selling. Historically, such situations often indicate a rise in Bitcoin prices. Imagine that these whales are quietly hoarding treasures, perhaps preparing for the upcoming violent pull-up.
Moreover, this is consistent with CryptoQuant's data analysis, which shows that these whales hold about 670,000 BTC, which has reached an all-time high. It's like they are preparing for some point in the future, which may be the calm before the storm.
At the same time, Bitcoin's network fundamentals are also sending positive signals. Bitcoin’s hash rate, or the rate at which miners are mining, has recently hit a new high, showing how fierce the competition among miners is. This not only means that mining difficulty is increasing, but also that Bitcoin’s intrinsic value is rising, which may indicate that it is attracting more savvy investors.
In summary, the rise in the number of active Bitcoin addresses and total fees shows an increase in on-chain transaction activity. This usually indicates that the current development of the Bitcoin network remains healthy even if the market may face a correction or consolidation phase.
So, are we in the quiet moment before the big storm? Will the price of Bitcoin reach a new peak between the US presidential election and the end of November? If not, we may need to prepare for the challenges that the current bull cycle may face.
💬 What do you think? Do you think Bitcoin whales are preparing for a price surge? Or is this just a normal hoarding behavior in the market? Please leave your thoughts in the comments section!
