Bitcoin whales and sharks have been buying more BTC in the past seven weeks, according to data from Santiment. The crypto analytics firm revealed that wallets holding between 100 and 10,000 BTC have added 170,000 BTC to their holdings since June 8, worth over $4.7 billion at current prices.
This accumulation trend suggests that large investors are confident in Bitcoin’s long-term prospects, despite the recent market downturn and regulatory uncertainty. Santiment also noted that the market sentiment has improved slightly, as traders are less fearful of further price drops.
Bitcoin is currently trading around $28,000, up about 10% from its monthly low of $25,500 on July 20. The leading cryptocurrency has faced strong resistance near $30,000, a level that many analysts consider crucial for maintaining the bullish momentum. Bitcoin also faces challenges from environmental concerns, regulatory scrutiny and competition from other cryptocurrencies.
However, some experts believe that Bitcoin is poised for a rebound in the second half of the year, as institutional demand picks up and adoption increases. For instance, Tim Draper, a prominent venture capitalist and Bitcoin bull, recently reaffirmed his prediction that Bitcoin will reach $250,000 by the end of 2023 or early 2024.
