Analysts from the Santiment team noticed on the divergence in the strategy of “bitcoin whales” in February and March 2021. If wallets controlling from 100 to 1000 bitcoins predominantly saved up cryptocurrency, then larger addresses (from 1000 to 10,000 coins), on the contrary, sold reserves.
🐳🧐 As you’d expect, not all of #Bitcoin‘s whales are behaving in unison. However, we’ve seen interesting trends these past couple months, such as 100-1,000 $ BTC addresses adding 353k more $ BTC since Feb. 1st, while 1k-10k addresses have shed 300k $ BTC. https://t.co/xLnVHxl0TV pic.twitter.com/FBTcQKMWLc
– Santiment (@santimentfeed) March 21, 2021
According to the researchers’ report, the so-called “whales” of the middle echelon purchased 353,000 coins in February-March, while larger wallets sold approximately 300,000 BTC.
The crypto market is in a state of consolidation this week. Bitcoin is gathering strength and trading in the range of $ 54,000 to $ 59,000.
Despite the correction, many analysts are still optimistic. For example, Willie Wu believes that the $ 55,000 mark is an important foothold for bitcoin.
According to this expert, the capitalization of BTC is unlikely to fall below $ 1 trillion.
Investors acquired a little more than 7% of the total supply of cryptocurrency just at the time when the value of all BTC reached $ 1 trillion. Accordingly, this category of traders will make every effort to prevent the negative return.
However, risks cannot be completely ruled out. The pressure may increase this week. An escalation in volatility is expected next Friday, March 26, when expires the action of bitcoin options for $ 5.7 billion. Usually, during such periods, turbulence returns to the market.
Deribit prepares for historic $5.7 billion worth of #bitcoin options expiry next week, with max pain price at $40k. pic.twitter.com/2tBjF0PAzK
— unfolded. (@cryptounfolded) March 18, 2021
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