As Bitcoin trades at $31,800 at the time of writing, the total amount moved is worth just under $1.3b. At the same time, Glassnode data indicates that the number of addresses holding at least 1 BTC reached a new all-time high of 836,922.
According to the Santiment 2021 study, which involved 1,000 coins with at least a $1m market cap, major inflow spikes are a reliable bearish indicator. On average, assets drop 5% following the large inflows.
Santiment also projects Bitcoin and Ethereum to enter the historic buy zone from where the price is likely to rebound quickly. “Bitcoin's average profitability levels are the most negative since late January, and Ethereum's were last this low in early March. Both are very close to dipping into the historic buy zone, where prices see an extremely high probability of a bounce,” the company tweeted.
The whale addresses already started buying the dip, as the number of transactions exceeding $100k grew to their highest point since January, the Santiment data indicates.