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Major Bitcoin Investors Increasing Accumulation Rates, Litecoin’s Pre-Halving Surge Generates FOMO
Crypto analytics company Santiment has disclosed that significant Bitcoin holders, known as whale addresses (possessing over 1,000 BTC) and shark addresses (holding 10 BTC), have been actively accumulating Bitcoin at an increased rate over the last seven weeks. This trend of accumulation has accelerated following the announcement of BlackRock’s intention to introduce a spot Bitcoin exchange-traded fund (ETF).
According to Santiment’s data, these whale and shark addresses have obtained 154,500 BTC, which is valued at more than $4.75 billion, since late April. The heightened accumulation is linked to the excitement surrounding ETF launches. As long as major stakeholders persist in their purchases, Santiment indicates that further growth in the crypto market may be warranted throughout July.
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Santiment is also carefully observing the pre-halving rally of Litecoin (LTC), a peer-to-peer payment network. In just the past two weeks, LTC has experienced a rise of 42%. However, the analytics firm cautions that widespread FOMO (fear of missing out) could suggest that the LTC enthusiasm is nearing a possible peak. Santiment recommends caution, as rallies driven by FOMO frequently precede a cooling-off phase when public sentiment stabilizes.
At the moment, Litecoin is trading at $113.21, reflecting a 6% increase over the last 24 hours.
As the crypto market continues to progress, it is essential for investors and traders to remain updated on accumulation patterns, market sentiment, and forthcoming events such as halvings to make informed decisions.
The post Large Bitcoin Holders Accumulating at Higher Rates, Litecoin Pre-Halving Rally Sparks FOMO appeared first on BitcoinWorld.
