Bitcoin Whale Wallets Hit a Record While Shorts Pile In. What Comes Next?

Bitcoin (BTC) wallets holding between 10 and 10,000 BTC have climbed to 20,338, an all-time high, according to Santiment. The count has risen sharply since mid-July, even as BTC’s price swung repeatedly through the same stretch. Bitcoin’s Deep-Pocketed Wallets Keep Multiplying Santiment, an on-chain analytics firm, said this cohort has historically moved closely with Bitcoin’s future price direction. According to the firm, new large holders entering this range during choppy trading point to confidence among deep-pocketed investors. In its view, those investors are staying put through periods of weakness. Santiment called the trend encouraging for BTC bulls. However, it cautioned that the price could still move lower in the short term.

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