Bitcoin address activity soars to multiyear highs ahead of BTC halving, Santiment points to whale resilience


18 Sep 2023 11:19 PM

Bitcoin (BTC) has displayed a rather unusual picture from a broader outlook, with the daily active addresses failing to mirror its price. Santiment da...

  • Bitcoin whales have increased their control over the cryptocurrency as smaller traders sell.
  • Daily active addresses have reached year highs, suggesting large holders are acquiring Bitcoin through over-the-counter (OTC) methods.
  • The number of daily active addresses has risen by 43% in five years, despite the lack of significant price action.
  • Large holders are able to discreetly accumulate Bitcoin through OTC transactions, minimizing market impact.
  • Institutional investors, who are likely the whales, have the ability to influence Bitcoin price with a small fraction of their holdings.
  • The upcoming Bitcoin halving event in April 2024 is expected to trigger bullish momentum and potentially a new all-time high.

The article presents a positive sentiment towards Bitcoin, highlighting the resilience of whales and the potential for bullish momentum with the upcoming halving event.

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How have Bitcoin whales tightened their grip on the cryptocurrency?What does the increase in daily active addresses suggest about large holders?How are large holders able to accumulate Bitcoin discreetly?What is the significance of the upcoming Bitcoin halving event?

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