Data from the market intelligence platform Santiment shows an increase in wallets holding at least 10 BTC, reaching levels not seen since March. This increase coincides with rising institutional investments in spot Bitcoin ETFs.
Whale Activity Amid Retail Uncertainty
According to Santiment, there is a rise in the number of whale and shark wallets holding over 10 BTC, which currently amounts to over $1.07 million. This number has steadily grown over the past few weeks to reach 152,280, reflecting a high since March. These large players typically act during moments of retail panic, scooping up discounted BTC.
Price Stability of Bitcoin
At the time of writing, Bitcoin was trading at $107,353, down 0.4% in the past 24 hours and 2.6% for the week. Despite a respectable 3.1% uptick over the past fortnight, Bitcoin has underperformed against the broader crypto market, which gained 3% over the week.
Dominance Dynamics of Bitcoin in the Market
Bitcoin's dominance has also increased, currently standing at 62.8%, while it previously reached 65.7%, the highest level in four years, indicating that capital is flowing into Bitcoin rather than altcoins.
Thus, there is a significant increase in the activity of key Bitcoin investors amid market uncertainty, suggesting confidence in future price growth.
