Santiment analysts, demonstrating the dynamics of wallets with at least 10 BTC, show that the market high is still ahead.
Historically, the actions of such wallets are a leading indicator for the market. When they accumulate, we are talking about preparation for the growth stage. When they sell, a bear market begins.
Theses from the latest infographic #Santiment:
- BTC wallets holding at least 10 BTC have added another 154,560 BTC in the last 5 months.
- October 21, 2019: The accumulation of large sharks and whales begins in the midst of a market downturn, the ongoing Covid-19 scare and into early 2022.
- February 16, 2022: Mass dumping begins as US interest rates hurt all markets.
- December 29, 2023: Aggressive accumulation of sharks and whales begins shortly before the January ETF approval.
If we compare with the last cycle in terms of the duration of the processes, sales with these wallets are still far away. Moreover, it can be assumed that most of the bull market, including the bull run, for#BTCis still ahead. The accumulation continues; there is no reason to expect a sale in the coming months.
