Optimistic BTC whales may have to do more than just accumulate, here’s why…

Bitcoin holders start turning bullish as exchange deposits decline. Whale accumulation surges despite a decline in weighted sentiment.

This decline in exchange deposits could be taken as an indication of reduced selling pressure, which may indicate that fewer individuals were keen on liquidating or trading their Bitcoin holdings.

As a result, there could be a possible contraction in the supply of Bitcoin available for sale, potentially driving up the price of the cryptocurrency if demand remains robust or experiences a surge. Whales were also observed to be showing interest in BTC over the last few weeks. During the weekend, there was a continuous accumulation of Bitcoin by the whales, with each whale’s supply exceeding 530 BTC for the first time since the FTX collapse.

Whale accumulation may indicate a bullish sentiment and potentially drive up prices in the short term. However, a high concentration of whale holders could make retail investors vulnerable to sudden whale behavior in the long run.Despite the high whale interest, the prices were yet to budge in a positive direction. One of the reasons for the BTC’s price decline would be the behavior of short-term BTC holders.

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