Bitcoin whales are famous in the crypto market for constantly performing price manipulation
Crypto whales started accumulating Bitcoin in the last week, which could signal a liquidation after reducing next week’s block reward, better known as the halving event.
According to a report from crypto analytics platform Santiment, Bitcoin whales bought BTC in increasing quantities last week, in a potential bid to raise the price before the May 12 halving.
“One of the best investment approaches is as follows: identify“ what the crowd expects ”and bet against the bet. You cannot do this daily. Not every week. The crowd doesn’t have “consensus” all the time.
But when that happens, the smart investor knows it’s time to act. The price will do something completely different than what the crowd expects. ” – says the report on the way of thinking of the major players in the market.
The researchers claim that holders of 1,000 to 10,000 BTC addresses have reversed their position and started accumulating Bitcoin this week, with a significant number of previously inactive addresses also moving the BTC. The researchers speculate that the sudden movement may be in anticipation of a liquidation after halving, with investors trying to get the rally to the top.
Dino Ibisbegovic, head of content for Santiment, explained the change in sentiment towards Bitcoin halving:
“Our social media data suggests an increasingly low perspective on price action before halving… Bitcoin-related sentiment was high on most social media channels last week, which reached $ 9,000. Since then, however, we’ve seen the weather cool down. ”
Ibisbegovic continued, saying that sentiment towards bitcoin hit a three-month high on Telegram last week, but has since “drastically” decreased after Bitcoin’s move above $ 9,000.