[Taklimakan Blog] Bitcoin and Ethereum Address Activity Dropped to a Minimum. What Does It Mean?

According to research by analytical service Santiment, the largest holders of the main cryptocurrency continue to accumulate digital coins

The activity of bitcoin addresses has dropped to the lowest level since June 2020, according to the analytical service Santiment. According to the site, the largest holders of the main cryptocurrency continue to accumulate digital coins, and the interest of “whales” in bitcoin has been growing for two and a half weeks. The number of digital coins on crypto exchanges continues to decline after the drop in quotations on May 19.

“The whales seem to be buying this drop with confidence,” the Santiment report said.

Throughout the week, the funding rate for Bitmex’s perpetual contracts on bitcoin has been negative, which indicates an increase in short positions, analysts at Santiment note. In their opinion, this means an increase in bearish sentiment among market participants and the possibility of events that will return the fundamental bullish sentiment.