Bitcoin Whales Trigger FOMO: Crypto Market Sees Surge Amid Macroeconomic Risks

• Bitcoin whales have caused FOMO in the altcoin market, leading to a surge in the crypto market.
• On-chain analytics firm Santiment has noted that Bitcoin’s profit transaction ratio is currently at its highest level since February 2021.
• Santiment has warned that the crypto market is not immune to macroeconomic factors and regulations will have a major effect on its mainstream adoption.

The crypto market has experienced its largest surge in growth since the start of the 2022 bear market, with Bitcoin’s price reaching above $21,000 in the past week. This has caused a ripple effect throughout the industry, leading to a general surge in the crypto market.

On-chain analytics firm Santiment has observed that traders are behaving as if the market has reached its peak. Moreover, Santiment has noted that Bitcoin’s profit transaction ratio is currently at its highest level since February 2021, suggesting that a potential reversal may lead to a general correction in the crypto market in the coming weeks.

The influx of Bitcoin whales – 416 more BTC addresses holding between 100 to 1,000 BTC in the past eight weeks alone – has given the altcoin market the confidence to experience FOMO. This surge in the altcoin market has been highlighted by Santiment’s mid-month crypto report, which noted that Ethereum recorded a spike of over 50%, while Bitcoin posted a decline of 4.92%.

However, Santiment has also warned that the crypto market is not immune to the macroeconomic factors that affect global economies. This means that crypto’s mainstream adoption may be affected by worldwide regulations in the future. In the stablecoin market, Tether (USDT) and USDC posted a decline in the social volume.

Overall, while Bitcoin whales have caused FOMO in the altcoin market, traders should be aware of the macroeconomic risks associated with the crypto market. Santiment has warned that any potential reversal in the crypto market may lead to a correction in the coming weeks. As such, investors should be aware of the risks and rewards associated with investing in the crypto market.

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