Bitcoin (BTC) whales are buying on the decline, according to crypto analytics firm Santiment.
The firm disclosed that active Bitcoin whale addresses holding between 100 and 10,000 BTC had accumulated around 40,000 BTC during last week’s price drop.
Santiment also says that Bitcoin supply continues to diverge from exchanges, with the recent bearish trend reducing the risk of mass selling. Additionally, Bitcoin’s current social sentiment is at its lowest in seven weeks, according to the analytics firm.
Santiment’s weighted sentiment tracker analyzes the positive and negative comments surrounding a crypto asset. The firm says that prices tend to rise when social sentiment rises too high, and bottoms out when the metric falls too low.
Santiment also tracked a change in Binance funding rates.
“Bitcoin was well above $60,000 from mid-October to mid-November, while Binance’s funding rates for most assets were in positive territory. This is indicative of the trader’s overconfidence. Now, things look much more neutral. ”
Bitcoin is down 15% from its all-time high of $69,044.77, which it reached about two weeks ago.
