A major crypto analytics firm has found that Bitcoin (BTC) whales are accumulating again after selling a ton of top crypto assets following the FTX implosion earlier this month.
According to Santiment, whales dumping Cumulative holdings over a 13-month period, and addresses holding between 100 and 10,000 BTC sold 1.36% of their supply in the first three weeks of November.
“Bitcoin whales spent 13 months dumping their cumulative holdings as the price fell.
However, 47,888 BTC has accumulated over the past five days after a significant drop in the first three weeks of November when the FTX news broke. ”
BTC is trading at $16,443 at the time of writing. The top-ranked crypto assets by market capitalization are up 1.58% over the past 24 hours and over 1% over the past week.
Santiment also notes that the cryptocurrency market has shown a tendency to favor altcoins over Bitcoin over the past seven days.
“The market has largely favored altcoins over the past week, with many returning positive double-digit return percentages. rose to its highest level in three months.
Santimento claim Dogecoin (DOGE) price spikes are often “a credible reflection of the euphoria of the crowd”.
“When the altcoin hype peaks, DOGE is generally at the forefront. As this chart shows, a large spike in memecoin helps predict the upcoming Bitcoin decline. ”
DOGE is trading at $0.10 at the time of writing. The eighth-place crypto asset is up more than 7% over the past 24 hours and over 28% over the past week.
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