On-chain analytics firm Santiment says in its latest Bitcoin report that whales are selling and individual investors are reluctant to buy. According to the firm, investors are not hopeful enough for 2022 and the number of daily active wallets is increasing. Let’s take a look at Santiment’s answers to all of these.
Bitcoin hits record number of active wallets
Crypto analytics firm Santiment says the recent increase in the number of daily active Bitcoin (BTC) addresses indicates that the BTC price may be about to move upwards. . The firm’s Twitter account tells its 120,700 followers that Bitcoin activity has picked up after about a month of stagnant data:
We’re seeing a trend of increasing address activity as Bitcoin maintains the $46,000 to $48k range. December 28 was the highest address activity in 4 weeks, and these high increases in the DAA (daily active addresses)/price ratio are historically linked to price increases.
Santiment provides a more in-depth analysis of Bitcoin’s relative strengths and weaknesses in its latest Insights blog post. As Bitcoin struggles to recapture and hold the $50,000 level, the firm has this to say on individual investor sentiment:
It seems like a lot of people have lost their magic and are in disbelief about getting above $50,000.
Retail investors are unenthusiastic about 2022
According to the firm, the crypto analysis firm believes that although its funding rates are mostly unbiased, many people think that 2022 He says he sold his BTCs for fear that it would not rise in .
People are now selling because they believe there may be further declines. This is a bearish sign. There are enough people who believe that BTC is not going to rise all next year. They are selling now because they are unsure of long-term waiting. Santiment, whose data we share
Kriptokoin.com , is also concerned about the downward trend in whale activity:
A significant amount of money is drained by these addresses. . It’s hard to ascend when whales behave like this.
The data firm concludes its analysis of Bitcoin by stating that the daily circulation of BTC has fallen for the past month and a half:
Every week since November, it has been more and more in terms of daily circulation. we see a low peak (LH). The amount of Bitcoin used over the network is clearly falling.
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