Bitcoin’s Recent Surge in Whale Activity
Bitcoin has recently shown remarkable market strength with a surge in whale activity for transactions over $10 million. This spike now represents 30% of the recent transaction volume, matching a peak seen only once in 2023. This resurgence demonstrates renewed market confidence, driven by Bitcoin’s price movements and anticipation of the upcoming halving event, as well as a potential approval of a spot BTC ETF.
Glassnode Data Analysis
According to Glassnode data, the whales’ share in transaction volumes for the $100K to $1 million range accounted for 24% of the total volume. Similarly, in the $1 million to $10 million range, volumes reached as high as 28%. This suggests that major whale activities have significantly influenced recent BTC transactions, while smaller investors’ transaction volumes have experienced a decline.
The current BTC transaction volume figures resemble significant whale activity observed during the 2021 bull market, highlighting the importance of these whales within the Bitcoin network.
The Bitcoin Price Action
Bitcoin’s recent surge in whale activity coincides with the cryptocurrency appearing poised for its next bull run, reaching highs of $38K recently, trading approximately 120% higher than its price at the beginning of the year. At the time of writing, it was trading at $36.5K, marking a minor decrease from its price 24 hours earlier after reaching its 18-month high of around $38K.
The recent frenzy surrounding ETFs and the approaching Bitcoin halving event also contribute to BTC’s upward trajectory, attracting more whale investment. Analysts suggest that these price actions indicate higher price targets, such as $45K, $68K, and $74K.
Hot Take
Bitcoin’s recent surge in whale activity and price movement suggests a promising outlook for the cryptocurrency, with potential for higher price targets as institutions continue to invest and market confidence grows.
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