According to Santiment, more than 50,000 Bitcoin have been withdrawn from cryptocurrency exchanges in the past week, as the price continues to fluctuate around $ 30,000. Interestingly, at this level, mega whale addresses have acquired bitcoins on an unprecedented scale.
This week, these whales tapped the highest BTC supply in a year, which, as Santiment said, “can be a promising sign.” In addition, Bitcoin hodlers also seem to be doubling, as wallet growth among investors holding less than 100 BTC has increased significantly in the last month.
Although Bitcoin miners have been among the biggest sellers since the recent sell-off, with their stocks dropping by 5,000 to 8,000 BTC per month in the top, their sales have slowed over the past 10 days. However, this could also have occurred due to a significant decline in miner revenues.
In general, the Bitcoin sentiment among investors is still relatively negative, as the BTC Fear and Greed Index signals “Extreme Fear”. However, this “can sometimes be an indicator of unexpected upward rashes.
The fact of extreme fear among investors, but also the massive withdrawal of Bitcoins on stock exchanges is usually a sign that a recovery of the Bitcoin price could occur in the short term.
