Bitcoin Whales Holding Strong Despite Panic Sell-Off Over FTX Crisis, Says Analyst

As the cryptocurrency market attempts to get back on its foot in the aftermath of the FTX crisis, an analyst found that “whales don’t seem to be bothered much or panicking out of their positions.”

What Happened: According to CryptoQuant analyst Tomáš Hančar, Bitcoin BTC/USD whales “are just not giving up”, they just seem to keep on scaling even with the latest FTX FTT/USD downturn.

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According to Santiment, the count of BTC addresses holding one to 1000 BTCs increased from 907,000 to 917,000, since last week. Even more significant was the surge in the count of addresses that held 10,000 to 100,000 BTC. This went up by 12% in the last seven days. 

Interestingly, holders that bought BTC between three to six months ago, sent their coins to exchanges. Over 5,133.49 BTC were sent to exchanges by these holders. “This is a bearish signal. The correction will most likely continue in the next few days,” Hančar said.

Price Action: BTC is currently trading at $17,096 up 4.32% in the past 24 hours, according to Benzinga Pro.

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