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Crypto analysis firm Santiment reveals some of the behaviors of Bitcoin’s biggest whales and what it could mean for the market as it moves sideways.
Santiment tells his 78,000 Twitter followers that Bitcoin’s biggest whales, or entities with over 100,000 Bitcoin (BTC), now hold 3.64% of the total supply, which is a 27-month high.
At the same time, Santiment notes that slightly smaller Bitcoin whales with less than 100,000 BTC are at their lowest for the amount of BTC in their wallets.
“Top Bitcoin addresses with over 100,000 BTC held / owned 3.64% of the crypto market cap asset supply. They’re basically still sitting at high levels for 27 months. Meanwhile, 10,000 to 100,000 BTC addresses are still low at 10.91% owned. “
Santiment also identifies an indicator that could signal a bullish reversal for the global crypto leader. Bitcoin’s Market to Realized Value (MVRV), which seeks to capture market lows and highs, indicates that a Bitcoin rally could be on the horizon, according to the analyst firm.
“One of Bitcoin’s key long-term indicators is about to dive into a buy zone, based on history. When BTC’s long / short MVRV difference turns negative, it means that a combination of short term and long term traders are underwater in their investments. When this happens, the # 1 crypto asset is more likely to see an increase in the market price. “
Santiment also examines the average age of the dollar invested, which calculates the average age of each dollar invested in Bitcoin. According to Santiment, investors should watch the indicator move to a downtrend, as this could signal that a new phase of the bull market is underway.
“The average age of the dollar invested helps indicate if another Bitcoin bullrun is around the corner. The average age of BTC investments is increasing again as traders are frozen. Watch to see if dormant investments start to move, pushing that line down again. “
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