The article discusses how analytics firm Santiment reports that large Bitcoin holders, known as “whales,” have accumulated $1,170,000,000 worth of Bitcoin in just one month. The firm believes that this accumulation pattern suggests that Bitcoin is likely to reach the $30,000 price level again unless these holders decide to sell their Bitcoin. The article also mentions that Bitcoin is currently trading at $27,853 and has seen a 3% increase in the past 24 hours. It further highlights the argument that the presence of futures markets and futures ETFs does not create a supply shock for Bitcoin as it allows for the creation of synthetic BTC. The article concludes by acknowledging that Santiment covers various topics such as macro, Bitcoin, Ethereum, cryptocurrencies, and web 3.
AI Sentiment: Positive