On-chain data firm Santiment said bitcoin prices are likely to rise further this month, with altcoins likely to follow suit. This is possible because major cryptocurrency holders need to keep buying the flagship digital currency BTC.
Crypto whales and whales have accumulated a lot of Bitcoin over the past two weeks as news of the relaunch of the Fidelity-led Bitcoin ETF has emerged.
Santiment stated that in the past 7 weeks, they purchased a total of 154,500 BTC. Wallets holding between 10 and 10,000 BTC now hold 13 million bitcoins, or 67% of the circulating supply. There are only 21 million bitcoins that can be mined, and more than 19 million have been mined so far.