In line with cryptocurrency analytics platform Santiment, Bitcoin is seeing an uptick in whale exercise.
“Key stakeholder participation has performed a serious position in bull cycles seen in crypto over the previous two years, and the context of those spikes seems to be bullish,” the agency mentioned.
The worth of the main cryptocurrency has dipped by 2.5% over the previous 24 hours.
On Jan. 20, Bitcoin reached a brand new document excessive of $108,786, however it has since skilled a 6% value correction.
Within the meantime, varied Bitcoin exchange-traded funds (ETFs) managed to draw a complete of $248 million value of web flows on Wednesday. This alerts that institutional demand stays relatively robust regardless of Bitcoin’s underwhelming value motion.
In line with QCP, the market is more likely to stay “range-bound” till there’s extra readability concerning the Federal Reserve’s rate of interest choice.
