Surprising Surge in Transaction Sizes on the Bitcoin Blockchain: Whales Are Buying!
Release: 2023/10/30 23:00 Reading: 895
| Before you reading, did you missed the PEPE? No worries, click here to 100x potential memes! |
- There has been a noticeable surge in Bitcoin blockchain transactions recently, breaking the yearly record of $100,000 worth of transactions.
- According to the latest data from blockchain analysis firm IntoTheBlock, the number of transactions carrying at least $100,000 worth of BTC reached 23,400 in the past week, surpassing its yearly peak.
- There is widespread anticipation that a series of spot-based exchange-traded funds (ETFs) will be approved by the U.S. Securities and Exchange Commission (SEC) early next year.
The recent increase in whale transactions on the Bitcoin network has sparked optimism for potential future growth: the anticipation of ETFs has reinvigorated the market!
New Record in Bitcoin Blockchain Transactions
Recently, there has been a significant increase in Bitcoin blockchain transactions, surpassing the annual record of $100,000 in transaction volume. This surge indicates a high level of interest from prominent figures in the cryptocurrency industry, commonly known as "whales" or influential crypto investors.
The surge in on-chain activity coincided with Bitcoin's price surpassing $35,000, suggesting the involvement of significant investors and cryptocurrency whales. Recent data from blockchain analysis company IntoTheBlock reveals that the number of transactions involving at least $100,000 worth of BTC reached 23,400 in the past week, exceeding its highest point this year.
Over the past week, the price of Bitcoin has surged past $35,000, reaching its highest level since early 2022. Furthermore, Bitcoin has experienced a 27% increase this month, resulting in an impressive 107% gain since the start of the year. According to IntoTheBlock's recent report, the emergence of Bitcoin spot ETF applications has piqued the interest of institutional investors and whales.
The surge in Bitcoin's popularity can be attributed to the momentum that started in late June following the introduction of BlackRock's ETF, which propelled Bitcoin to reach price levels not seen in a year. The recent uptick in large-scale transactions by influential investors could potentially foreshadow future developments in 2024.
Are ETFs on the Horizon?
Moreover, there is a general expectation that the U.S. Securities and Exchange Commission (SEC) will grant approval for a range of exchange-traded funds (ETFs) based on spot prices in the near future. Experts speculate that the introduction of ETFs for Bitcoin (BTC) could propel its market worth to surpass $42,000.
According to data from Deutsche Digital Assets, there has been a noticeable increase in the involvement of small investors in recent weeks as indicated by blockchain data. The on-chain activity index for smaller participants reached a record high of 1.5 last week. The participation of these small investors is crucial for the long-term viability of a bullish trend in cryptocurrency assets.
Impact on Altcoins
According to a previous COINOTAG report, Pepe Coin and Floki Inu have surpassed monthly resistance levels with the backing of major players and increased profitability, resulting in Bitcoin's price reaching $35,000. On-chain data indicates a notable rise in the involvement of large investors in Floki Inu and Pepe Coin. Following the breakthrough of crucial monthly resistance levels, both tokens have encountered heightened price volatility. However, there are apprehensions that these investors might dispose of their holdings if prices stabilize.
The post Surprising Surge in Transaction Sizes on the Bitcoin Blockchain: Whales Are Buying! appeared first on COINOTAG NEWS.
| Did you missed the PEPE? No worries, click here to 100x potential memes! |
Recent news
More>- President Donald (PRESDON) Will Explode Over 15,000% Before Exchange Listings, While Shiba Inu and Dogecoin Lag 11-24
- Dogecoin Price Prediction for Today, November 23 – DOGE Technical Analysis 11-24
- Dogecoin Price Prediction for Today, November 23 – DOGE Technical Analysis 11-24
- Dogecoin (DOGE) Surges 19% as Hash Rate Hits Record High 11-24
- Solana Hits New ATH, As Pepe Surges 30% Amid Bull Market, Crypto Traders Eye New Meme Coin Going Viral After Video Release 11-24
- Dogecoin (DOGE) Bullish Streak is Awakening Shiba Inu (SHIB) Bulls: What’s Next? 11-24
- Top Meme Coins for December 2024: 5 Picks to Buy Before They Take Off! 11-23
- XRP Price Prediction: XRP Pumps 67% In A Week As Gary Gensler Plans SEC Exit, While Whales Swoop On Pepe Unchained Presale 11-23
- What’s Next for Crypto After Bitcoin Take $100k Price Level? Catzilla Coin Among 3 Altcoins Poised for Big Moves 11-23
Selected Topics
More>>-
- pepecoin Price Analysis
- This topic provides articles related to PepeCoin price, covering key PepeCoin insights and analysis
-
- pepe:meme star
- This topic provides articles related to the most promising meme, PEPECOIN, a project with the potential to become a mainstream digital currency. It has the advantages of decentralization, reliability, ease of use, fast speed, low cost and scalability, and is expected to be more widely used in the future
-
- pepecoin price prediction
- We’ve gathered facts about pepecoin’s success story and provided a pepecoin price prediction
Selected Articles
More>>- 1 Avalanche and Aptos rival raises over $600k in 2 weeks
- 2 Crypto Prices Today: Market Continues Rally With BTC, Pepe Coin, SEI Rising
- 3 Major Analyst Crypto Tony Bullish on These Meme Coins, But One Stands Out
- 4 MTAUR Ready to Crush DOGE and PEPE: 100x Price Growth Incoming?
- 5 Memecoins Surge in 2024, Popcat Leads with 7,621% YTD Gain, Outshining Top Crypto Tokens
- 6 PEPE Meme Coin Smashes ATH – See How Much an $83 Investment in Pepe Coin Last Year is Worth Now
- 7 Top 4 Altcoins At 70% Discounts – Last Chance!
- 8 Dogecoin Creator Proposes DOGE to NBA Legend Scottie Pippen
- 9 Top Analyst Who Predicted Dogecoin (DOGE) Last 170x Rally Forecasts New Parabolic Rise, Here’s His Price Target
- 10 New Solana Memecoin Trump Loves Elon to Rally 15,000% Before Exchange Listing, SHIB and Bonk Crash
ABOUT US
We are building the most influential，trusted information platform for aglobal community engaged in thd transformation of the financial system andthe emerging crypto economy.PEPE is an integrated platform for media,events,data & indices for the next generation fo investing and the future of money.
Get in touch with the PEPE team at admin@pepecoinbuy.com