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According to cryptocurrency analytics platform Santiment, Bitcoin is seeing an uptick in whale activity.
“Key stakeholder participation has played a major role in bull cycles seen in crypto over the past two years, and the context of these spikes appears to be bullish,” the firm said.
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The price of the leading cryptocurrency has dipped by 2.5% over the past 24 hours.
Yet another “promising sign”
Santiment has also noted that the group of whales holding from 100 to 1,000 BTC has reached yet another record high.
“Among Bitcoin’s top leading indicators are the amount of wallets holding between 10 to 100 or 100 to 1,000 BTC. The latter group just broke an all-time high, with 15,777 such wallets,” Santiment says.
This can be interpreted as yet another promising sign for the cryptocurrency, according to Santiment.
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Bitcoin ETFs keep recording strong inflows
On Jan. 20, Bitcoin reached a new record high of $108,786, but it has since experienced a 6% price correction.
In the meantime, various Bitcoin exchange-traded funds (ETFs) managed to attract a total of $248 million worth of net flows on Wednesday. This signals that institutional demand remains rather strong despite Bitcoin’s underwhelming price action.
More range-bound trading
According to QCP, the market is likely to remain “range-bound” until there is more clarity regarding the Federal Reserve’s interest rate decision. Bitcoin has been struggling to revive its bullish momentum due to the Fed’s hawkishness and the diminishing odds of several rate cuts being implemented in 2025.
However, a massive options expiry that is slated to take place on Friday could result in significantly more volatility.
