Santiment concludes that the combination of these two factors i.e.constant accumulation by big investors and a decrease in exchanges BTC supply indicate that Bitcoin and the crypto market at large are gathering momentum for a massive price rally. Related Reading: Why Bitcoin Retesting $57,000 Is Good For The Price Massive Bullish Divergence Signals Potential Altcoin Rally In other news, crypto analyst Michël van de Poppe has noted a large weekly bullish divergence on TOTAL3/BTC, a trading chart that tracks the combined value of all altcoins excluding Ethereum in BTC. This bullish divergence largely indicates that selling pressure is weakening and altcoins are about to rally against the crypto market leader.
The dynamic duo of mid-term accumulation from sharks & whales, and falling levels of BTC on exchanges, sets the stage for crypto to roll again.pic.twitter.com/LHyxaK4Rci — Santiment (@santimentfeed) September 13, 2024 According to Santiment, Bitcoin sharks and whales i.e.wallets holding 10 BTC and above, have acquired 28,500 BTC in the last three months bringing their total holdings to 16.18 million BTC, valued at $978.29 billion. Aside from this encouraging accumulation trend, Santiment has also noted a decline in Bitcoin supply on exchanges.
Related Reading: Bitcoin On-Chain Health Remains Net Positive’: ARK Invest Report Bitcoin Accumulation, Exchange Outflow Signal Bullish Sentiment In an X post on Friday, Santiment shared key developments in the BTC market that could encourage retail investors’ participation in the coming weeks. The on-chain analytics team reported consistent levels of massive accumulation from BTC whales and sharks.
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