Crypto analytics firm Santiment has revealed that large Bitcoin holders, referred to as whale addresses (holding over 1,000 BTC) and shark addresses (holding 10 BTC), have been aggressively accumulating Bitcoin at an accelerated pace in the past seven weeks. This accumulation trend intensified following news of BlackRock’s plans to launch a spot Bitcoin exchange-traded fund (ETF).
Santiment’s data indicates that these whale and shark addresses have acquired 154,500 BTC, valued at over $4.75 billion, since late April. The increased accumulation has been attributed to the anticipation surrounding ETF launches. As long as significant stakeholders continue to buy, Santiment suggests that further increases in the crypto market can be justified throughout July.
Santiment is also closely monitoring the pre-halving rally of Litecoin (LTC), a peer-to-peer payments network. In the past two weeks alone, LTC has surged by 42%. However, the analytics firm warns that mainstream FOMO (fear of missing out) may indicate that the LTC hype is approaching a potential peak. Santiment advises vigilance, as FOMO-driven rallies often precede a cooldown period when the crowd sentiment settles.
At the time of writing, Litecoin is trading at $113.21, recording a 6% increase in the past 24 hours.
As the crypto market continues to evolve, it is crucial for investors and traders to stay informed about accumulation trends, market sentiment, and upcoming events such as halvings to make well-informed decisions.