Crypto analytics platform Santiment says that massive whale-buying of Tether (USDT) is helping to fuel Bitcoin’s (BTC) rally.
Santiment says key shark and whale addresses have quickly accumulated $2.74 billion of the Tether stablecoin in the past 10 weeks, increasing their digital space buying power by a combined 16%.
“Identifying reasons for Bitcoin being able to surge above $25,000 for the first time in eight months, we can start with key Tether shark and whale buying power that was increasing since early December. Key stakeholders continue loading up for more buys.”
Santiment also says that it appears Bitcoin’s price dominance is suddenly increasing, signaling that trading volume and whales are moving away from the altcoin space and over to Bitcoin – after they sent many altcoins on major rallies in January.
“Bitcoin is up to $22,900, and it saw a nice isolated price pump approximately six hours ago that pushed it ahead of most of the altcoin pack. January was the time of alt recoveries, so keep an eye on whales and trading volume shifting over to BTC.”
Lastly, Santiment says Bitcoin was able to rally against bearish market sentiment through a slight uptick in the number of addresses with 100 to 1,000 BTC, sending the king crypto to a six-month high of $24,200.
“Bitcoin has launched to a six-month high, surprising the bearish trader sentiment. With prices jumping above $24,200 for the first time since August 14th, 2022, watch for whale addresses increasing as a sign of increased key stakeholder confidence.”
Bitcoin is worth $24,105 at time of writing.
A Santiment Twitter poll on Valentine’s Day with 617 votes found 53.8% of respondents are more bullish on crypto compared to one year ago, while 22.7% are more bearish.
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