While the price of Bitcoin is fluctuating below $ 10,000, the number of wallet addresses holding more than 100 BTC is increasing.
According to data from crypto data analysis firm Santiment, there have been over 43 new cryptocurrency wallets in the past 5 days holding over 100 BTC.
At the moment there are nearly 16,000 addresses holding more than 100 BTC, estimated at more than $ 17.7 million, at the current BTC exchange rate.
In recent months it has been shown that the sentiment of cryptocurrency whales is a leading indicator of Bitcoin's next price action.
As the number of addresses holding more than 100 bitcoins increases, this indicates that ‘whales’ is accumulating more BTC.
On March 12, the day when Bitcoin price collapsed more than 50% (below $ 3,800), the number of wallets holding more than 100 BTC increased to over 16,250 wallets.
In addition, prior to the recent Halving event of Bitcoin, when the price had risen above $ 10,000, the number of addresses held above 100 BTC was then reduced.
Bitcoin has been moving around $ 9,700 over the past five days. Therefore, if the whale's BTC accumulation continues over the next few days, this could set a short-term price rise scenario to $ 10,000 for bitcoin.
