New data points to a renewed optimism in Bitcoin but there’s a caveat

ambcrypto.com:

Bitcoin saw a good rally which extended beyond $43k. After a brief retracement in the following 24 hours, BTC returned to the offensive and reclaimed $44,000. The uptrend continued in the past 24 hours, and the cryptocurrency reached and briefly exceeded $45,000, its highest price tag since 2 March. 

Whales activity revolving around the most prominent cryptocurrency was an interesting one to note ever since Russia-Ukraine conflict began. Addresses with 1,000 to 10,000 BTC saw the number of coins within their wallets jump by 8.3%.

According to on-chain analytics firm Santiment, the 2,203 addresses stood at a one-year high while holding between $44.2 million and $440.2 million worth of BTC each.

Source: Santiment

The amount of BTC addresses holding 1k to 10k $BTC jumped by 8.3% since the Russia–Ukraine conflict went underway.

That said, historical data shows, along with the group of addresses containing between 100 and 1,000 BTC, had “historically foreshadowed price moves.”

The tweet stated: 

“The 2,203 addresses are at a 1-yr high. Both this tier & the 100 to 1k $BTC tier have historically foreshadowed price moves.”

The aforementioned group were the “ones we look at to show what the top active traders are doing with their funds. Anything higher is typically an exchange address,” the tweet added.

Other data suggested the flagship cryptocurrency’s price was ready to move shortly. For instance, following this development, the rate of capital flowing into risk-on asset classes had accelerated. To expand on this, the Co-founder of Glassnode, compared this rise to US Government Bonds’.