Santiment, a leading cryptocurrency analytics firm, has reported a significant increase in BTC whale activity during the recent surge in Bitcoin’s price.
Bitcoin whale transactions hit a more than 10-week high on Tuesday, with 11,697 transfers worth over $100,000, according to the firm’s analysis, and are on track to reach similar highs on Wednesday.
The analysis also highlighted a shift in social media discussions, with Bitcoin dominating discussions on altcoins. Santiment noted that Bitcoin, the largest crypto asset, now accounts for more than a quarter of all cryptocurrency-related conversations on the internet, as investors focus heavily on price action after Bitcoin surpassed $68,000, its highest level since July.
However, Santiment warned that these developments could signal a temporary halt to the rally. The analysis pointed to profit-taking by key asset holders and rising fear of missing out (FOMO) among the crowd as potential reasons for a short-term correction. However, the firm remains optimistic about Bitcoin’s medium- to long-term prospects, suggesting that any price declines are likely to be short-lived.
*This is not investment advice.