After slipping to lows of $18,000, Bitcoin (BTC) has gained some momentum and crossed the psychological price of $20,000.
The upward momentum is experienced amid Bitcoin whales on a spending spree based on heightened accumulation. Market insight provider Santiment explained:
“Bitcoin whales are showing signs of sustained accumulation, which has been a rarity in 2022. Since September 27th, addresses holding 100 to 10k BTC have collectively added back 46,173 BTC back to their wallets as large USDT holdings have dropped.”
Therefore, whales on the Bitcoin network are showing a sustained hodling trend, which can also be depicted by the fact that more coins have been leaving crypto exchanges.
“Bitcoin continues to see its supply moving away from exchanges as traders show further signs of being content with their current holdings. With less than 9% of BTC on exchanges for the first time since 2018, it is a good bode of confidence for bulls.”
Bitcoin exiting exchanges usually reflect a...
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