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The Sentiment Feed called the decline in whale interest the reason for the change in bitcoin prices, according to today's tweet from the cryptanalytics platform.
Earlier, bitcoin analyst Ali Martinez tweeted: "Data from @intotheblock shows that the number of new addresses created on the BTC network tends to decrease." "Over the past seven days, it has decreased by 8.16%. This network activity suggests that investors are not interested in buying BTC at current price levels."
The analyst stressed that whales and institutions were on the sidelines, since transactions worth more than $ 100,000 are at an annual minimum.
Today, Santiment confirmed this decrease in whale activity, highlighting the strong correlation between whale transactions worth more than $1 million and the price of bitcoin.
"The price of bitcoin is largely associated with a decrease in the interest of whales," writes Sentiment. "This chart shows how closely whale transactions worth more than $1 million and BTC correlate. If prices continue to decline and there is a surge, it will be a historically bullish signal."
It is interesting to note that, unlike previous bear market cycles, holders of small amounts accumulate the most. The chart published 3 days ago by BigMak (@Mn2Big) shows that addresses containing from 0 to 1 thousand BTC accounted for 60.68% of bitcoin accumulation at current lows. Bitcoin addresses containing less than 1 BTC have added at least 96 thousand. BTC after the collapse of FTX.
THE KEY DIFFERENCE IS THAT NOW 0-1K ADDRESSES HAVE ACCUMULATED THE LION'S SHARE OF COINS AT RECENT MARKET LOWS, UNLIKE EARLIER, WHEN THE HOLDERS OF THE AMOUNTS WERE AT THE TOPS OF THE PREVIOUS CYCLE. #BTC @SANTIMENTFEED PIC.TWITTER.COM/8KHOWNOVSM
— ₿IGMAK (@MN2BIG) DECEMBER 24, 2022
