Researchers from the team Santiment recorded the spike activity of large holders of the cryptocurrency or the so-called “whales” after bitcoin had dropped in price below $9500.
Reducing the cost of the coins below this level occurred on 20 may, after which there was an increase in investments of large investors in BTC. Purchase the largest cryptocurrency increased the owners of the wallets containing more than 100 coins.
Analysts found that the address “whales” increased by 12 000 of bitcoins, equivalent to about $108 million at the current exchange rate of BTC.
The behavior of such large investors is a kind of indicator of future changes in market sentiment. The activation of the “whales” often leads to a worsening of short-term volatility.
If the number of coins in their wallets is growing, and the market will be strengthened, observers predict. But if the “whales” get rid of coins, then it signals the imminent transition to the “bear” trend.
The researchers stressed that the “whales” have used the March collapse of the bitcoin and started buying coins at a lower cost. Later they made one of the key contributions to the strengthening of the BTC in April-may.