Bitcoin ($BTC) whales have accumulated over $800 million worth of the flagship cryptocurrency in only five days as a selling trend for large investors is reversing, which could signal growing confidence in the market.
According to on-chain analytics firm Santiment, Bitcoin whales have spent a total of 13 months divesting their holdings as cryptocurrency prices dropped, but after a significant drop over the collapse of cryptocurrency exchange FTX, whales have 47,888 $BTC to their wallets in only five days.
A Bitcoin whale, it’s worth noting, is defined as an address holding between 100 and 10,000 BTC. During the first three weeks of November, data shows that these whales dumped 1.36% of their supply, before accumulating back 0.24%.
As CryptoGlobe reported, crypto investors with a relatively low amount of BTC, the so-called “Shrimp” investors, have added over $1.5 billion worth of the flagship cryptocurrency to their wallets over the last few weeks.
According to on-chain cryptocurrency analytics firm Glassnode, ever since FTX collapsed, shrimp wallets – those who have less than 1 BTC in their balance – have seen an all-time high balance increase to now control over 1.21 million coins, equivalent to 6.3% of the flagship cryptocurrency’s circulating supply.
FTX’s collapse has seen cryptocurrency users rally to take custody of their own funds, as FTX’s management seemingly used customer funds to invest in various illiquid ventures, to the point that when there was a bank run on the platform it failed to fulfill withdrawals.
As reported, a popular cryptocurrency analyst has predicted a “massive bull run” is set to be seen in the near future after the flagship cryptocurrency formed a bottom pattern that was last seen back in 2015.
According to pseudonymous cryptocurrency analyst Trader Tardigrade, Bitcoin is currently in the same situation it was in during the 2015 bottom, as its inverted and logarithmic Moving Average Convergence divergence (MACD) indicator has moved above its zero line while its price fell onto a support zone which was created by the upper wick of a monthly candle seen in the previous cycle’s top.
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