Since the end of March, some major Bitcoin investors, known as 'whales', have significantly increased their assets. This activity has had a noticeable impact on the cryptocurrency market.
Whales Accumulating BTC
Since March 25, 2023, whales have accumulated 218,570 BTC, representing a 0.9% increase in control over the total circulating Bitcoin supply. According to data from Santiment, wallets holding between 10 and 10,000 BTC now represent 68.44% of the total Bitcoin supply.
Market Sentiment Shift
Market sentiment has also changed, with the Crypto Fear and Greed Index bouncing back from below 20 in mid-March to 62 points by the end of July, indicating 'greed'. Experts attribute this shift in behavior to a 'supply squeeze' created by large wallets absorbing liquidity.
Retail Investor Participation
Despite a correction to $116,000 on July 30, investor interest has remained strong. Data from Coinglass indicates that 20,258 BTC were withdrawn from centralized exchanges in the last 24 hours, including 12,105 BTC from Coinbase. Retail investors are also participating in this trend, reassessing their risk perceptions in stable liquidity conditions while adopting a 'hold-and-store' strategy.
The large-scale accumulation of BTC by whales and the shifting market sentiment highlight current trends in the cryptocurrency ecosystem. Such activities may indicate further strengthening of Bitcoin's position and draw attention from both institutional and retail investors.
