On-chain data shows that Bitcoin (BTC) whales have amassed tens of thousands from the crypto king over a little over a month as the flagship digital asset finds itself in a consolidation zone.
According to blockchain analytics firm Santiment, whales or corporations owning between 1,000 and 10,000 Bitcoin have amassed the top crypto asset worth over $2.32 billion in the past five weeks alone.
Santiment says the leading crypto asset’s price surged over 30% earlier in the year after BTC whales started a similar accumulation boom between late December 2022 and early January.
“The key address tier for Bitcoin’s great whales has seen a steady surge over the past five weeks, amassing a total of 84,897 BTC in that time with prices flat. In their previous accumulation cycle in January, prices increased by +34.4%.”
Source: Santiment/Twitter
In another potential bullish signal based on Santiment’s data, crypto trader Ali says more than 20,000 Bitcoin worth over $546 million were withdrawn from centralized crypto exchanges in one day.
“Bitcoin – On-chain data from Santiment shows over 20,000 BTC withdrawn from popular crypto exchange wallets in the last 24 hours.”
Source: Ali/Twitter
Earlier this week, the analytics firm said it was tracking the hottest video publications and found that sentiment in the crypto markets is bullish, indicating rising optimism compared to previous weeks.
“By filtering popular trending videos at the beginning of the second half of May, we see that sentiment is mostly positive. In general, we can conclude that this is a good reflection of the mood of the crowd. Compared to the past few weeks, there is more optimism.”
Source: Santiment/Twitter
At the time of writing, Bitcoin is trading at $27,351.
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