Whales are accumulating, with a rise in USDT holdings indicating fresh capital is entering the market. Meanwhile, a rise in Bitcoin supply on exchanges signals caution.
Bitcoin (BTC) is displaying some optimistic signs with potential buying opportunities amid extreme retail fear, according to blockchain analytics firm Santiment.
As reported by Thinking Crypto podcast, Tony Edward and Brian Quinlivan from Santiment discussed the current, complicated landscape.
Quinlivan recognized the past few months have been difficult for Bitcoin and altcoins, but the last couple of days are showing some signs of optimism.
However, as sentiment shifts back toward bullishness, there is a threat of a bull trap, where prices may remain sluggish or even decrease slightly before finding more stability.
“It’s interesting to see how quickly retail FOMO kicks in. I think we’ll get a good indication of where we stand. But I think there’s still a good opportunity for a bull trap to be had. I think we’ll have to wait and see. I’m not advising anything, but I think people need to be careful that they don’t get it wrong and they don’output:
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