Despite the overwhelmingly bearish sentiment in the crypto markets since mid-March, Bitcoin opened the new weekly trading session with a bang.
Bitcoin Whales Continue to Accumulate
High-net-worth individuals are accumulating BTC en masse, adding fuel to the bull market.
Bitcoin kicked off Monday, Mar. 29, on a positive note after Visa Inc. announced that it would allow the use of cryptocurrencies to settle transactions on its payment network. Although the multinational financial services corporation will only rely on USD Coin (USDC), the move was perceived by investors as a sign of mainstream adoption.
The pioneer cryptocurrency has staged a 2,500-point turnaround since the weekly trading session started, gaining over 4.60% in market value.
BTC/USD on TradingViewMany were surprised by the bullish impulse as confidence in BTC’s future price action deteriorated following two consecutive red weeks. Bitcoin-related social sentiment experienced a substantial decline, reaching the lowest levels since October 2020.
The quarterly rebalancing of institutional investors seen over the past few weeks has raised concerns that a deeper correction was in the cards.
Bitcoin Weighted Social Sentiment by SantimentWilly Woo pointed out that the selling pressure from funds rebalancing was met by equally bullish buying.
The on-chain analyst maintains that addresses with 100 to 1,000 BTC showed a net accumulation as prices tumbled, indicating that Bitcoin is “undergoing the strongest dip-buying of 2021.”
Behavior analytics platform Santiment also recorded a similar increase for the combined number of tokens located in addresses holding between 100 and 10,000 BTC.
Santiment’s SEO manager, Dino Ibisbegovic, said that this whale …
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