Bitcoin whales load up as BTC stays still at $66k: What’s their strategy?

has been stagnating at the $66,000 price mark for quite some time. A lot of investors have seen this as an opportunity to accumulate large amounts of BTC.According to Santiment’s data, two years ago, the number of wallets holding 10 or more Bitcoin reached a peak. Interestingly, that same level of holdings has been observed again.

Some speculate that the now-defunct FTX exchange was manipulating cryptocurrency prices in late 2022. This renewed interest from these whales could be a sign of a bullish sentiment suggesting they see Bitcoin as still extremely undervalued despite high prices. Additionally, if these whales decide to sell their holdings in a coordinated manner, it could trigger a significant price drop.Despite BTC’s price movement remaining relatively stable, the interest in Bitcoin’s ecosystem was declining. One of the major indicators of the same was the waning interest in Bitcoin NFTs.

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