Santiment is a crypto analytics enterprise that focuses on market sentiments and investor feelings. The firm has recently claimed that a cohort of whale accumulators have been actively increasing Bitcoin holdings since May. According to Santiment, these deep-pocket groups of investors have kept buying Bitcoin despite the ongoing price crash of the flagship cryptocurrency.
This whale group includes a herd of active addresses that holds between 100 and 10,000 Bitcoin units. Last Thursday, the Bitcoin price dropped down to $31,000. However, as noted by Santiment, the millionaire tier kept increasing exchange outflows for Bitcoin. At present, the cumulative amount of Bitcoin held by the cohort amounts up to 100,000 BTC.
Negative Sentiment of the Crypto Community is a Bullish Sign
The crypto analytics service claims that the crypto community on Twitter seems to be predominantly negative on the renewal of another bull run. Santiment also shared a technical projection of the algorithm reads that prove that most crypto community members do not believe in Bitcoin bull wave anymore.
However, the firm asserted the general negativity of value and tone towards Bitcoin is a positive sign for the revival of a bull run. Experts at Santiment claim that whenever the negative index goes up, the chances of a price appreciation are increased. Santiment also added that the upcoming price surge is most likely to catch up to the crowd by surprise.
Ethereum still has a Chance to Recover If It Manages to Stay Afloat
Speaking on the subject of the silver cryptocurrency, Santiment claims that if Ethereum manages to stay outside of the $1,800 price point, a bounce-back is possible. The firm postulated that on-chain metrics for ETH are showing a positive signal. However, at the moment, it is not possible to make any predictions with certainty. Santiment experts also claimed that technical analysis has not made it clear if the price has already bottomed up. According to Santiment, the bulls need to bust a move before bears took control of the market on the whole. At present, ETH is not doing well.
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