The team of market data firm Santiment has reported Bitcoin whale activity has increased recently.
While the Bitcoin price broke through the $44,000 barrier last night, the market pressure is intensifying and the currency could fall below this psychological mark. Over the past week, Bitcoin’s capitalization has registered a 17.5% increase to $836.867 billion.
In this context, whales, which are investors with more than 1,000 Bitcoins in their possession, have been actively buying the crypto over the last 7 weeks.
In total, whales have bought 220,000 BTC since last December 23. The company’s researchers have highlighted the largest accumulation since early autumn 2019 is being recorded.
According to the company’s analysts, these whales could create the conditions for the crypto’s rally in early February.
The WhaleMap team, which also studies the behavior of Bitcoin whales, believes BTC is unlikely to fall below $42,000 in the current cycle.