According to on-chain analyst data, Bitcoin whales comprising of both institutional and retail investors are continuing to buy the digital asset amidst its recent price rally.
One would have expected that Bitcoin buying will slow down the Christmas holidays. However, stats suggest that large-scale investors have increased their bitcoin buying since Christmas. This may have been the foothold preventing the cryptocurrency from correcting. The sentiment around Bitcoin is generally bullish.
Data from research firm, Santiment, revealed that nearly $650 million worth of Bitcoin flowed from small addresses to whale addresses. This corroborates the advice of the crypto expert and analyst, PlanB, when he called on traders to “hodl or risk losing their bitcoin to institutional buyers.”
According to Santiment, investors holding more than 1,000 Bitcoins have increased by 0.13% in the last 4 days. Whale investors are buying in at cluster points. On the flip side, these investors are less likely to sell. They are moving their funds away from crypto exchanges and stashing for the long-term.