Santiment’s Latest Notes: Bitcoin Shark and Whales Accumulate $1,170,000,000 in BTC in One Month

According to the latest notes coming from Santiment, it’s been revealed the fact that a BTC shark and whales accumulated $1,170,000,000 in BTC in almost one single month. Check out the latest reports about the matter below.

According to the crypto analytics firm Santiment, large holders of Bitcoin (BTC) have been acquiring the top cryptocurrency since the start of September.

These individuals, known as Bitcoin sharks and whales, who hold between 10-10,000 BTC, have amassed a total of $1.17 billion since September 1st.

Santiment predicts that if these holders continue to buy and don’t start selling their Bitcoin, then it’s more likely that the price of BTC will return to $30,000.

Currently, Bitcoin is trading at $27,853 and has risen by almost 3% in the past day. On Monday, the crypto asset briefly surged above $28,000, marking the first time it has reached that price point since August.

There is some disagreement regarding Santiment’s analysis of Bitcoin.

Despite this, well-known Bitcoin analyst Willy Woo recently shared with his one million social media followers that purchasing BTC on exchanges will not have a significant impact on the asset’s price.

In fact, Woo believes that buying up BTC on exchanges is a fallacy, as synthetic BTC through futures markets is added to inventory, resulting in no supply shock.

Woo cites the 2022 bear market as an example of this phenomenon. Instead, investors can buy a futures ETF to gain exposure to BTC.

However, this does not create a supply shock as it is simply a paper bet on the price of BTC increasing, and a hedge fund can take the opposite side of the bet, creating a new synthetic BTC.

Woo suggests that a spot-based Bitcoin ETF approval can help rectify this issue.

Stay tuned for more exciting news from the crypto space and make sure to check out the markets as well.