Bitcoin nearly hit $80,000 on the 23rd of this month, but has now returned to the $77,000 level. However, the driving force behind this surge is not retail investor sentiment, but rather the balance in whale wallets.
40,000 units were sold in two weeks, but retail investors only bought 46.
Santiment reported that "key stakeholders" holding 10 to 10,000 BTC are rapidly accumulating Bitcoin. Since the 10th, whale have bought 40,967 BTC, worth approximately $3.17 billion at the time of writing.
The behavior of retail investors is even more interesting. During the same period, wallets holding less than 0.1 BTC accumulated only about 46 BTC, worth about $3.56 million. The difference in scale between the two sides is nearly 900 times.
Santiment stated that "the ideal scenario is for large investors to continue accumulating while retail investors begin to take profits," a combination that is "one of the strongest signals of a long-term bull market."
Andre Dragosch, Head of European Research at Bitwise, also stated on the X platform that "institutional demand for Bitcoin is accelerating significantly."
In four days, I went from feeling extremely pessimistic to experiencing FOMO (Fear of Mental Disorder).
Another Santiment post noted that Bitcoin holders' sentiment shifted from "extreme pessimism" on Monday to "super FOMO mode" on Thursday in just four days.
However, overall crypto market sentiment remains lukewarm, with the Crypto Fear & Greed Index at 39, still in the "fear" zone. The speed of sentiment reversal contrasts sharply with the price distance; BTC is still 3% away from $80,000, but holders have already priced it in.
Santiment stated that a BTC breakout above $80,000 would be key to reigniting traders' interest, but ideally it would happen "when optimism has cooled down a bit."
The above is not investment advice.
Related reports
