Whale Accumulation Signals Bitcoin May Reach $110K as Retail Capitulates: Santiment

According to a May 13 post by Santiment on X, wallets holding between 10 and 10,000 BTC, often called whales and sharks, have accumulated over 83,000 Bitcoin in the past 30 days. In contrast, smaller wallets with less than 0.1 BTC sold off around 387 BTC during the same period. While these movements from smaller retail wallets might seem insignificant, they take on more importance when compared to the total Bitcoin held by each group. Santiment observed that smaller investors, including those holding just over 0.1 BTC, appear to be taking profits, likely in anticipation of a local price peak.On the other hand, the ongoing accumulation by large holders suggests a strong belief in Bitcoin’s potential for further gains. This confidence could drive the price towards the $110,000 mark, setting a new all-time high. This shift in sentiment follows a sharp surge in Bitcoin’s price, spurred by positive macroeconomic news, particularly the 90-day tariff reduction agreement between the U.S. and China, which lifted overall market sentiment.Supporting this outlook, Glassnode’s on-chain data shared on X on May 12 indicates a slowdown in momentum buying and a rise in profit-taking. While demand from first-time buyers remains strong, as seen in the consistently high relative strength index, the lack of sustained momentum from traders could signal a period of consolidation if new inflows begin to slow.Despite these signs of potential consolidation, institutional demand for Bitcoin remains robust. On May 12, Strategy added $1.34 billion worth of Bitcoin, increasing its total holdings to 568,840 BTC, or about 2.86% of the current circulating supply. Additionally, Japan’s Metaplanet boosted its reserves with a 1,241 BTC acquisition, bringing its total holdings to 6,796 BTC. Further supporting the institutional demand, Bitcoin spot ETFs have seen net inflows of $2.03 billion over the past month, according to SoSoValue data. Currently, according to CoinGecko, Bitcoin (BTC) is priced at $102,854, reflecting a 1.4% increase. If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”The post Whale Accumulation Signals Bitcoin May Reach $110K as Retail Capitulates: Santiment appeared first on DeFi Planet.