The price of Bitcoin (BTC) is steadily rising as market participants work to maintain it above $43,000. As of this writing, the currency is trading at $43,060.65, a decrease of 0.14% over the previous day. The price of Bitcoin has fluctuated, peaking at $43,422.49. This has caused the price to drop as low as $42,584.34.
Bitcoin whale action
The behaviour of BTC whales is one fascinating Bitcoin pattern that the cryptocurrency analytics platform Santiment has identified. This week, the coin’s price fluctuated between $41,000 and $44,000. Santiment noticed a significant trend in whale transactions around this period.
According to the analytics company, on February 1, BTC whales possessing 1,000 to 10,000 coins totaled 1,958. Since November 2022, this figure represents the greatest count on the network. On the other hand, as of February 1, 13,735 whales had between 100 and 1,000 BTC in their wallets. The level shown by this figure is the lowest since November 2022.
https://x.com/santimentfeed/status/1753709125849186339?s=20
According to Santiment statistics, whales in the 1,000–10,000 category have added 47 more wallets in the last six days, whereas smaller whales have registered 157 fewer addresses in the same time frame.
The disparate forces at work in the market at the time are shown by this conflicting Bitcoin whale data. Smaller whales seem to be pulling back on their investments as the number of large whales increases, maybe in search of other opportunities.
Bitcoin ETF sentiment
The United States Securities and Exchange Commission (SEC) approved spot Bitcoin ETF products in January, which altered the dynamics of accumulation and contributed to the rise in the number of significant Bitcoin whales.
A portion of the money received when mainstream investors subscribe to one of the ETF issuers’ offerings is used to buy additional Bitcoin, increasing the total number of whales. Since the items are still in their early stages, more whales may appear soon.
