Bitcoin Whale Activity Wakes Up As BTC Moves Just Above $20,000: Online Data

Cryptocurrency analytics firm Santiment is tracking an increase in the number of whale addresses holding Bitcoin (BTC).

According to a new post, the data aggregator highlights an increase in wallets holding between 100 and 10,000 Bitcoins as a reassuring indicator after the market drop last Friday as stated by the Chairman of the Federal Reserve Board. Federal Reserve Jerome Powell on the economy.

“As Bitcoin rallied around $20,000 this weekend, a positive sign was the growth in the number of major whale addresses.

There is a correlation between the price of BTC and the number of addresses holding 100 to 10,000 BTC and they have increased by 103 in the last 30 days.”

Source: Santiment / Twitter

When asked for data on the number of whales out of 15,847 whales purchased since the beginning of last week, Santiment reported,

“There have been 16 new BTC whale addresses made in the last five days.”

Cryptocurrency analytics firm Glassnode also weighs in on Bitcoin's state by using on-chain data to analyze BTC's adjusted SOPR (aSOPR), an index that reflects the ratio between the price of Bitcoin and Bitcoin. selling and buying prices of top crypto assets.

According to Glassnode, BTC aSOPR shows that investors are focused on getting their investments back.

“Bitcoin aSOPR continues to face heavy resistance at breakeven 1.0.

This shows that BTC investors are profiting during bear market rallies and are spending coins at their original price to simply ‘get their money back’. "

Source: Glassnode/Twitter

At the time of writing, Bitcoin is up nearly 3% and trading for $20,166.

Aug 30, 2022

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