Bitcoin (BTC) Breakout Spurred by Whale Stablecoin Buying Spree, According to Crypto Analytics Firm Santiment

Crypto analytics platform Santiment says a massive whale buy of Tether (USDT) has spurred the rise of Bitcoin (BTC).

Santimento To tell Leading shark and whale addresses have rapidly accumulated $2.74 billion in Tether stablecoins over the past 10 weeks, increasing their combined purchasing power in the digital space by 16%.

Determining why Bitcoin has been able to surpass $25,000 for the first time in eight months, we can start with the increasing purchasing power of major tethered sharks and whales since early December. , continue to ask for more purchases.

Santimento too To tell Bitcoin’s price advantage appears to be on the rise suddenly, suggesting that transaction volumes and whales are moving away from the altcoin space to Bitcoin.

Bitcoin is up to $22,900, saw an isolated price rally about six hours ago, outperforming most altcoin packs. January was a time of alternative recovery, so whales and trading volume shift to BTC Pay attention to what you do.”

finally santimento To tell Bitcoin is able to bounce back against bearish market sentiment with a slight increase in the number of 100 to 1,000 BTC addresses, and the cryptocurrency king hits a six-month high of $24,200 Did.

Bitcoin hits six-month high, surprising bearish trader sentiment, in a sign of growing confidence among key stakeholders as price climbs above $24,200 for the first time since Aug 14, 2022. , note that the whale addresses are increasing.

Bitcoin is worth $24,105 at the time of writing.

Santimento Twitter poll Collecting 617 votes on Valentine’s Day, 53.8% of respondents were found to be more bullish on cryptocurrencies than they were a year ago, while 22.7% were found to be more bearish.

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