Bitcoin (BTC) price continues its steady growth as market makers strive to keep the price above the $43,000 price mark. At the time of writing, the coin is trading at $43,060.65, down 0.14% in 24 hours. The volatile rise in Bitcoin prices caused the price of Bitcoin to fall from a high of $43,422.49 to $42,584.34.
bitcoin whale action
One of the interesting trends in Bitcoin is that spotted BTC whale action from crypto analysis platform Santiment. This week, Santiment observed a trend of large whale trades as the coin’s price hovered between $41,000 and $44,000.
According to the analytics firm, the number of BTC whales holding between 1,000 and 10,000 coins was 1,958 as of February 1st. This number was the highest on the network since November 2022. In contrast, the number of whales holding 100-1,000 BTC in their wallets was 13,735 as of February 1st. This number is the lowest level since November 2022.
According to Santiment data, whales in the 1,000 to 10,000 category increased their wallets by 47 over a six-day period, while smaller whales recorded a decrease of 157 addresses in the same period.
This diverse Bitcoin whale data highlights the different dynamics going on in the market at the time. As the number of large whales increases, smaller whales appear to be seeking alternative investments and regaining their stake.
Bitcoin ETF sentiment
The introduction of spot Bitcoin ETF products, cleared by the U.S. Securities and Exchange Commission (SEC) in January, has changed the accumulation dynamics that support the growth in the number of large Bitcoin whales.
When a mainstream investor subscribes to one of the offers from an ETF issuer, a portion of the proceeds goes toward acquiring more Bitcoin, increasing the overall number of whales. Since the product is still in its infancy, more whales may appear in the near future.
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