Surge in $100K Bitcoin Transactions Indicates Whales Are on the Move
Release: 2023/10/30 20:01 Reading: 412
The post Surge in $100K Bitcoin Transactions Indicates Whales Are on the Move appeared first on Coinpedia Fintech News
The Bitcoin blockchain has recently experienced a significant surge in transactions, crossing the $100,000 threshold and setting a new record for the year. This increase demonstrates substantial activity among high-value investors and larger players in the cryptocurrency industry.
Whales & Big Investors Pouring Money into Bitcoin
Bitcoin's on-chain activities indicate the active involvement of whales and influential investors as the cryptocurrency price surpassed the $35,000 mark.
According to recent data from blockchain analytics firm IntoTheBlock, there was a peak in the number of transactions involving movements of at least $100,000 worth of BTC last week, reaching a year-to-date high of 23,400.
Bitcoin's price has surged to $35,000 this week, reaching its highest level since May 2022. Despite trading in a relatively narrow range of around $34,000, the cryptocurrency has seen impressive gains of 107% year-to-date, with a notable 27% surge in value just this month.
What’s Attracting Whales
According to a recent newsletter by IntoTheBlock, the increase in Bitcoin spot ETF applications has generated greater interest in Bitcoin among institutional investors and whales.
The reason for the need to rewrite the content is that the number of transactions exceeding $100,000 increased significantly in late June with the introduction of Blackrock's ETF. Currently, this number has further risen due to Bitcoin reaching unprecedented prices not seen in a year. Additionally, the recent surge in Whale activity may indicate what can be expected in 2024.
Further, the U.S. Securities and Exchange Commission (SEC) is widely anticipated to approve several spot-based exchange-traded funds (ETFs) early next year. Analysts believe that the introduction of BTC ETFs will drive Bitcoin’s market value to $42,000 and beyond.
Recent weeks have seen a surge in participation from retail investors in blockchain data. As per Deutsche Digital Assets' data, the activity index for small entities on the chain hit a record high of 1.5 for the year last week.
The involvement of small investors is crucial for maintaining a sustainable bull market in cryptocurrency assets.
Whales Impacting Memecoins Too
In a previous Coinpedia report, it was highlighted that Pepe coin and Floki Inu broke through their monthly resistance levels, propelled by the support of whales and increasing profitability. This happened because the price of Bitcoin had reached $35,000.
According to data from the blockchain, there has been a notable increase in the activity of large cryptocurrency investors, commonly known as whales, in relation to Floki Inu and Pepe coin. Both of these digital assets have witnessed higher levels of price volatility following their successful breach of important monthly resistance levels.
Nevertheless, certain individuals express concern that these investors may liquidate all of their Pepe coins and Floki Inu holdings in the event that the price ceases to rise.
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