This heavy accumulation by this investor cohort occurred as the Bitcoin price oscillated between $62,900 and $69,600. However, after the market leader climbed above $70,000 and toward $74,000, these whales started offloading their purchases, selling off about 66% of their freshly-acquired coins.
According to the blockchain firm, the correlation between the 10-10k investor cohort and the Bitcoin price action is currently extremely high. “The reaction time between their moves and price action is almost instantaneous right now, making this the highest-value signal for short-term direction,” Santiment revealed.
In its report, Santiment also acknowledged the ongoing geopolitical conflict between the United States, Israel, and Iran. Typically, conflict and tensions lead to volatility — as seen at the start of the Russia-Ukraine conflict, with the broader financial market often reacting with fear.
Santiment concluded:
Crypto moves based on the confidence of large capital holders, not just retail panic, so it will be interesting to watch the markets over the coming weeks. The markets are also affected by the expected duration and resolvability of the conflict.
Bitcoin Price At A GlanceAs of this writing, the price of BTC stands at around $68,057, reflecting an almost 4% in the past 24 hours. According to data from CoinGecko, the value of the premier cryptocurrency has increased by nearly 7% in the past seven days.
