The most recent findings by Santiment, revealed in Cointelegraph Consulting’s biweekly e-newsletter, point out that the overall quantity of BTC held by addresses with 100+ Bitcoin has seen a very sturdy uptick for the reason that information of Tesla investing $1.5billion in BTC, rising by an extra 20,490 BTC.
This brings the overall quantity of Bitcoin positioned in whale addresses to a brand new all-time excessive of simply over 11.6 million, a quantity possible reflecting the rise in institutional members over the current time interval.
The lunar calendar ended with a flurry of stories that drove Bitcoin (BTC) annualized volatility to 125%, a determine not seen since April of final 12 months. This has not deterred traders from shopping for BTC as much as an all-time excessive, as the worth flirts with breaking the $50,000 mark for the primary time. A portion of this quantity has been initiated from bigger whale accounts, which ought to come as optimistic information for the retail traders.
Primarily based on textual content information collected from over 1,000 crypto social channels, the quantity of Bitcoin-related mentions surged to its highest stage since 2019 when Fb’s Libra announcement fueled extra frantic shopping for from retail.
This current surge is definitely dwarfing the chatter round BTC’s earlier all-time highs from nearer to the beginning of the 12 months. With this improve comes a robust enhance to investor confidence, as the common temper of Bitcoin-related messages had rapidly shifted from ‘ambivalent’ on February 1st to ‘overwhelmingly bullish’ on the time of writing.
Overwhelmingly bullish is usually a unhealthy signal for the asset, particularly when futures funding charges, akin to on Bitmex, are pushed to the best ranges since June of 2019. When traders are all in settlement on the route of the market, volatility within the opposition may cause cascading liquidations and panic-fueled promoting.
Traders who monitor correlations with different asset lessons will discover the shifting common of BTC shifting away from the S&P 500, ETH, and Gold shifting averages. Even Ether (ETH), which has elevated by 28% since Jan. 26 and reached $1,745, fails to check with BTC’s 50% improve over the identical time interval.
Learn the complete e-newsletter version right here for extra information and indicators, full with detailed charts and pictures.
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