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According to Santiment, the number of bitcoin whales (addresses owning from 100 to 1000 BTC) increased significantly before the asset returned to the previous ATH. Since September 11, more than 250 whales have been recorded in the network.
Simultaneously with the increase in bitcoin whales, the outflow of coins from crypto exchanges increases. Due to the fact that traders and investors withdraw funds from exchanges and send them to their wallets, balances, including cryptocurrencies, are growing.
? The number of #Bitcoin addresses holding between 100 to 1,000 $BTC has grown substantially over the past five weeks. 254 more of these whale addresses now exist compared to five weeks ago, which is a notable 1.9% increase in this short time period. https://t.co/Lhv4qz4QoG pic.twitter.com/7xvmhBnCiS
— Santiment (@santimentfeed) October 17, 2021
The growth in the number of hodlers can also be associated with a rapid and significant increase in the market capitalization of bitcoin. The current price movement is accompanied by a 40% increase, which in itself attracts both institutional and retail investors.
In addition to the growing popularity of cryptocurrencies among the general public, news about the upcoming approval of ETFs has become a strong signal of risk for institutional investors. Immediately after the approval of the bitcoin futures ETF, the market may register a strong inflow of funds.
Santiment experts report that most whales calmly survived the previous market correction without getting rid of their BTC, and only a small part of the large holders sold part of their bitcoin assets. The current increase in the number of whales is considered to be the fastest compared to other periods.
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