Here’s How Bitcoin Millionaires Are Playing the Crypto Market: Santiment

The largest holders of Bitcoin are taking advantage of the market downturn to increase the amounts of BTC that they own, according to blockchain analysis firm Santiment.

In a new tweet, Santiment reveals that the millionaire cohort, or wallets holding between 100 to 10,000 BTC, have massively increased the size of their Bitcoin investments in the last week of May.

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“Bitcoin is at $35,400 after another mild drop-off over the past day. But the key BTC millionaire bracket that we track has seen a mild uptick in holdings. Addresses with 100 to 10,000 BTC have accumulated approximately 30,000 more BTC this past week.”

The crypto insights firm adds that there appears to be “panic” among traders of Bitcoin, Ethereum (ETH), Cardano (ADA), Polkadot (DOT) and XRP, which could be a good sign for the crypto market.

“We see evidence of panic among crypto traders, and our weighted social sentiment data indicates that BTC, ETH, ADA, DOT, XRP and other top caps are showing crowd fear.”

Santiment’s findings are corroborated by crypto tracker site Bitinfocharts.com showing one of the largest Bitcoin addresses having accumulated Bitcoin over the last half of May after some heavy selling prior.

The fourth-largest wallet in existence sold a total of 3,000 BTC as the leading crypto asset traded above $55,000 on April 12th and April 14th. The whale resumed selling 6,000 BTC on May 7th and May 9th as the king crypto hovered around $55,000.

However, the whale bought has been actively buying BTC since May 15th. BitInfoCharts shows that the big-time crypto owner accumulated 9,961 BTC in the last two weeks.

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Featured Image: Shutterstock/terng99