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Santiment: Whale Adds 56,227 BTC Since Mid-December, But Retail Investors Start Taking Profits, Signaling Bull Trap
BlockBeats News, January 6th, the cryptocurrency market research firm Santiment posted on social media that since December 17th, whales and large holders holding between 10 to 10,000 bitcoins have accumulated an additional 56,227 BTC. This movement signals a local bottom in the cryptocurrency market. Despite the overall market trend being relatively flat, the bullish divergence formed by the accumulation behavior of large holders is expected to drive at least a minor breakout in the market.
In the past 24 hours, the market has further improved as retail traders (wallets holding <0.01 BTC) have started to take profits, anticipating the current market condition to be a bull trap/dead cat bounce.
Santiment stated that based on indicators, the current market has entered a bullish range, with a higher probability of continued growth in cryptocurrency total market capitalization than usual. However, caution is still needed as whales may change their minds at any time and quickly take profits and exit.
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