Bitcoin and Ethereum whales have recently been getting ready for a revived cryptocurrency market rally, grabbing the maximum amount of each crypto asset’s overall supply as they can before costs increase close to the future.
Santiment praises Bitcoin, says its value will increase
Crypto analytics firm Santiment, which is also Bitcoin’s largest holder, had stated that those with over 1,000 BTC are worth approximately $49.8 million at the time of press. Furthermore, they currently hold 42.56% of the flagship cryptocurrency’s overall supply. This assisted in fuelling Bitcoin’s move to a brand new incomparable high of $58,000.
Moreover, if there are whales looking to seek control regarding the 43% of the overall supply of Bitcoin any time soon, then this would be a clear-cut indication of the whales seeking to add fuel to yet another rally.
Selling pressure may be reduced through holders taking bigger portions of cryptocurrency supply. Large holders taking up a bigger portion of the cryptocurrency’s offer could facilitate cut back merchandising pressure and eventually result in squeezing the remaining supply, as demand from different consumers remains whereas obtainable supply has been dropping considerably.
Santiment had also reported that those cryptocurrencies which are not controlling ETH’s largest addresses have been in possession of the biggest and most accumulated Ethereum supply of tokens as of late too. This amount currently stands at nearly 17M.
In fact, just earlier this month, an amount well over 1 million ETH had also been added to these respective addresses, thus amounting to nearly $1.6 billion. This is a clear indication of intent to move upward, and few would dispute that.
Although many metrics would point to a cryptocurrency rally, it should be pointed out that a number of relatively smaller platforms have actually been outperforming both BTC and ETH, and this could be due in large part to the increasing demand rising from retail investors.
Ultimately, only time will tell whether their value will be successful or if it will be to the detriment of all parties involved. One thing is for certain, though, the future of Bitcoin is interesting and major shifts in control could be heading our way soon.