As Bitcoin (BTC), which continues to see a rise above $50,000, is attracting the attention of wealthy crypto investors, they are now focusing their attention on it.
Crypto-focused newsletter Econometrics reported positive changes in Bitcoin holdings for addresses controlling 1,000-10,000 BTC. Econometrics noticed a renewed accumulation sentiment among “whales” based on their increasing account balances throughout August. This suggests that wealthy investors find the current Bitcoin price levels attractive to place bullish wagers.
Small fish, or those who have less than one bitcoin, seemed to feel the same sentiment. Econometrics reported that they have been accumulating Bitcoin since June and, during a period, have also absorbed the selling pressure coming from the whales’ side. Their buying behavior coincided with a price rise to $50,000, which is a critical psychological resistance level.
“Recently, there has been some on-chain divergence between small fish who are accumulating coins [and] whales who are offloading coins,” tweeted Econometrics on Sunday.