Santiment Report: Did Whales Strategically Drive Bitcoin’s Surge to $28,000?

Highlighting a pivotal moment in Bitcoin’s trajectory, on-chain data giant Santiment has unveiled a striking detail: Just on the cusp of Bitcoin skyrocketing to $28,500, whales made a massive move, pulling a whopping $346 million worth of Bitcoin off exchanges.

October began with a lot of movement for Bitcoin. After some up-and-down days, its value dropped a bit. Still, it did jump past $28,000 for a short time, which boosted other cryptocurrencies too. Santiment’s data shows that big players, known as whales, were behind this with their large Bitcoin trades.

Santiment analysis revealed that just before Bitcoin surged to $28,500, whales withdrew large amounts of Bitcoin from exchanges and transferred them to their own wallets. The total value of these transfers varies between 187 million and 346 million dollars. Following the transfers, it was observed that the amount of Bitcoin on the exchanges decreased to 5.73% as of September 1. Santiment likens this situation to before the record rally in 2017 (Bitcoin reached an all-time high of $20,000 at the time).

Another important piece of information that spoiled this positive atmosphere came from Whale Alert. Cryptocurrency tracker reported that whales are moving large amounts of Bitcoins to leading exchanges. In particular, Bitcoin transfers worth $275 million to Kraken, $80 million to Coinbase, and $22 million to Binance were made.

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