Bitcoin reached a new all-time high of $85,000 approximately 20 minutes ago, sparking celebrations across the cryptocurrency community. Cryptocurrency analytics firm Santiment released an analysis attributing this milestone to significant accumulation by large Bitcoin holders, often referred to as “whales” and “sharks.”
According to Santiment, wallets holding at least 10 Bitcoin have accumulated a total of 234,150 BTC over the past year, a stash now worth a staggering $19.76 billion. This continued confidence and accumulation from key stakeholders has played a crucial role in Bitcoin’s ascent.
Interestingly, Santiment also points to the “FUD” (fear, uncertainty, and doubt), capitulation, and wavering faith of smaller retail investors as contributing factors. These sentiments often lead to selling during price dips, allowing whales to accumulate more Bitcoin at lower prices.
“The crowd’s consistent FUD, capitulation, and inconsistent faith in crypto (allowing whales to buy cheap) has also contributed to this historic run,” Santiment stated in their analysis.
While current market sentiment is euphoric, Santiment notes that it hasn’t reached the levels observed during Bitcoin’s previous all-time high cycle in mid-March. The firm suggests that prices can continue to climb as long as whale accumulation persists and retail investors continue selling during minor price corrections.
