Bitcoin outlook bullish as whales, sharks buy retail sell-off: Santiment
Whales accumulated over $5.3 billion in Bitcoin since mid-December while retail traders took profits, creating bullish market conditions.
Bitcoin accumulation by whales and recent profit-taking by retail traders could be seen as bullish and leading to more upward market momentum, according to Santiment.
Crypto markets “typically follow the path of key whale and shark stakeholders, and move in the opposite direction of small retail wallets,” said on-chain analytics platform Santiment on Monday.
Whales and sharks are defined as the cohort holding between 10 and 10,000 BTC, while retail traders have wallets with less than 0.01 BTC.