Bitcoin (BTC) Breakout Spurred by Whale Stablecoin Buying Spree, According to Crypto Analytics Firm Santiment
Crypto analytics platform Santiment says massive whale buying of Tether (USDT) is helping to fuel Bitcoin’s (BTC) rally.
Sentiment says key shark and whale addresses have quickly accumulated $2.74 billion of Tether stablecoin in the last 10 weeks, increasing their buying power for digital space by a combined 16%.
“As we identify the reasons why Bitcoin may rise above $25,000 for the first time in eight months, we can start with the key buying power of Tether sharks and whales that have increased since the beginning of December. Key stakeholders continue to load up for more purchases. »
Sentiment too says that Bitcoin’s price dominance appears to be suddenly increasing, signaling that trading volume and whales are moving away from the altcoin space and into Bitcoin – after sending many altcoins on major rallies in January.
“Bitcoin is up to $22,900 and it saw a nice isolated price pump about six hours ago that pushed it ahead of most of the altcoin pack. January was the time for the alt recovery, so keep an eye out for whales and trading volume moving over to BTC.”
Finally, Sentiment says Bitcoin was able to rally against bearish market sentiment through a slight increase in the number of addresses by 100 to 1,000 BTC, sending the crypto king to a six-month high of $24,200.
“Bitcoin has launched to a six-month high, surprising bearish trader sentiment. With prices jumping above $24,200 for the first time since August 14, 2022, look for whale addresses to increase as a sign of increased confidence among key stakeholders.”
Bitcoin is worth $24,105 at the time of writing.
A Sentiment Twitter Poll on Valentine’s Day with 617 votes, 53.8% of respondents found crypto more positive compared to a year ago, while 22.7% are more bearish.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
