Bitcoin whales have ramped up accumulation over the past two weeks as Bitcoin’s price edges closer to the $80,000 level, according to crypto sentiment platform Santiment.
“Bitcoin’s key stakeholders are accumulating rapidly,” Santiment said in an X post on Thursday.
Santiment explained that Bitcoin ($BTC) wallets holding between 10 and 10,000 Bitcoin have accumulated 40,967 Bitcoin since April 10, worth roughly $3.17 billion at the time of publication, according to CoinMarketCap.
Bitcoin reached $79,327 on Wednesday before retracing to $77,390 at the time of publication.
“Long-term bull run” may follow, according to Santiment
Santiment added that retail investors — those holding less than 0.1 $BTC — have accumulated around 46 $BTC over the same period, worth roughly $3.56 million at the time of publication.
“Ideally, these key stakeholders continue to accumulate, and retail begins to take profit,” Santiment said, adding that the “combination is one of the strongest signals for a long-term bull run.”
Bitcoin is up 8.62% over the past 30 days. Source: CoinMarketCap
Analysts often watch this pattern because periods where large investors accumulate while smaller investors take profits have historically been followed by further price gains.
Meanwhile, Bitwise’s head of research for Europe, Andre Dragosch, pointed to a pickup in recent demand from institutional investors. “Institutional demand for Bitcoin is clearly accelerating,” Dragosch said in an X post on Friday.
In a separate post on X, Santiment said that Bitcoin holders’ sentiment has swung from “extreme pessimism” on Monday to “ultra FOMO mode” on Thursday. However, overall crypto market sentiment is still lagging based on broader market measures.
Crypto market sentiment is still in “Fear”
The Crypto Fear & Greed Index, which measures overall crypto market sentiment, is still in “Fear” territory, posting a score of 39 on Friday, suggesting investors are still cautious toward the crypto market.
Related: BlackRock drives 7-day Bitcoin ETF inflow streak as $BTC nears $80,000
Santiment said that Bitcoin passing above $80,000, a level not seen since Jan. 30, would be significant in reviving trader interest in Bitcoin.
Source: Ted
“However, it will ideally happen when optimism calms down just slightly,” Santiment said.
Market participants are often cautious during overheated conditions, as sharp rallies in extremely bullish sentiment can be viewed as fragile and may lead to short-term reversals rather than the start of a more stable uptrend.
Some analysts anticipate that Bitcoin could climb higher than $80,000.
MN Trading Capital founder Michael van de Poppe said on Thursday that Bitcoin has “enough room” to continue surging toward $86,000. However, he warned that the asset must hold at least $75,000 to hold momentum.
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