• Whale activity has been increasing since the start of the new trading year, leading to a 26% increase in the price of Bitcoin.
• Open Interest and Funding Rates have been increasing, suggesting bullish sentiment and increased demand among investors.
• Bitcoin whales holding 100 – 1,000 BTCs have increased by over 3% in the last two months.
The recent surge in Bitcoin prices has been attributed to increased activity of whales. According to data from Santiment, the leading crypto asset gained 26% in the past two weeks – a sign of bullish sentiment among investors.
The data provider revealed that the number of Bitcoin whales holding 100-1000 BTCs has increased by over 3% in the past two months. This indicates that larger investors were accumulating Bitcoin leading to a surge in demand for the asset.
The increase in demand has been further supported by the increase in Open Interest and Funding Rates. Open Interest reflects the number of outstanding positions or contracts that have not been settled yet. An increase in Open Interest is generally seen as a sign of increased demand for an asset, which has been the case with Bitcoin.
Additionally, Funding Rates have also been positive since the beginning of the year. Funding Rates refer to the money paid by long positions to short positions in order to maintain their positions. Positive funding rates suggest that more traders and investors are entering long positions, which is usually seen as a sign of bullish sentiment.
The combination of increased activity from whales, positive Funding Rates and increased Open Interest suggest that the bullish sentiment around Bitcoin is likely to remain in the near future. This could lead to further price increases as more investors and traders enter the market.