Whales Don’t Sell Ethereum (ETH) and Buy Bitcoin (BTC) According to Santiment


Data provided by Santiment company shows that cryptocurrency whales are buying Bitcoin on the decline and are in no rush to leave the ETH they have been holding since October.

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The Santiment analytics team has released a report on the recent behavior of its top indicators tracking Bitcoin and Ethereum. According to the report, crypto whales are adding more Bitcoin to their bearish holdings and are holding tight to the Ethereum they bought in early October last year.

100-1,000 BTC Wallets Increasing Stably

According to Santiment data, large Bitcoin holders are taking advantage of the current BTC drop and continue to buy the leading cryptocurrency. Also, the number of wallets holding 100-10,000+ Bitcoins has been increasing steadily for almost three weeks.

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Bitcoin supply on exchanges has slumped after seeing a massive spike before the last drop in late May. In other words, the majority of cryptocurrencies are now moving from cryptocurrency exchanges to cold storage addresses.

Santiment emphasizes that this is a bullish sign.