Bitcoin Whales Surface: 259 $1 Million BTC Transactions Recorded as Coin hits $30,000
How did bullish recovery lead to whale transaction increase? | Credit: Shutterstock
- Bitcoin Whales Surface: 259 $1 Million BTC Transactions Recorded as Coin hits $30,000
- Whale BTC transactions increased to highest level in over 3 months as price surpassed $30k
- 259 transactions totaling over $1 million were made on BTC network
BTC increased its market capitalization by as much as $120 billion in one week and as the value has surpassed $30,000, on-chain data reveals that Bitcoin whales have just experienced their busiest hour in about three months.
The Number of Bitcoin Whale Transactions Has Increased Recently
259 whale transactions were placed two hours after the local top that the cryptocurrency has seen so far throughout the past day, according to data from the on-chain analytics company Santiment .
The “whale transaction count,” which counts all Bitcoin transactions on the blockchain with a value of at least $1 million, is the pertinent metric in this case.
Since only whales are often capable of moving such big sums in a single transfer, these transactions can provide us a clue as to the level of activity that whales are now exhibiting.
When the whale transaction count has a high number, there are currently many huge transactions being processed on the network. Such a pattern would logically indicate that the whales are currently quite active.
Since the amounts involved in these transactions are so enormous, the asset’s price may noticeably fluctuate if many of them occur at once. Therefore, it may be more likely for the cryptocurrency to exhibit extreme volatility as the number of whale transactions is increased.
The Bitcoin whale transaction count has seen a significant increase over the past day, as shown in the graph above. Around two hours after the asset reached its local top, the indicator had an incredible spike that lasted for around an hour.
Whales made 259 transactions in this hour, which is the most in more than three months. As for how this increase in volume would affect the asset’s price, it has already been established that the indicator’s high readings might increase the volatility of the cryptocurrency.
However, given that the indicator only counts the total number of whale transactions occurring on the blockchain and lacks information regarding whether the transfers were performed for buying or selling purposes, this volatility might go either way.
Additional information, such as the current price trend, may enable us to make more accurate assumptions about the goals these whales were trying to achieve with these huge trades.
The whales were probably looking to sell before the asset experienced a further collapse because the indicator surge occurred right after the BTC top. Following these transfers, the price dropped further, suggesting that at least some selling did occur.
However, this decline has so far been brief, as Bitcoin has already risen back beyond the $30,000 mark. This could indicate that even though some selling may have occurred, it was at levels where the market was still able to absorb it without any problems.
BTC Price Data
At the time of publication, Bitcoin was trading at a price of $30,167, up 4.40% over the previous 24 hours and a more substantial 21.03% over the previous seven days, while it increased by 10.36% on its monthly chart.
It’s interesting to note that cryptocurrency trading expert Michael van de Poppe had earlier predicted that the first cryptocurrency may rise further and surge to $38,000 given that it has stayed above the 200-week EMA and “bounced firmly from that area.”
The largest digital asset has helped the overall crypto sector increase its market capitalization by as much as $120 billion in a single week as a result of this massive run, which was sparked by news of numerous spot Bitcoin exchange-traded fund (ETF) applications by significant companies, as Finbold reported on June 21.
Positive Shockwaves From Binance’s Big Move Spread Throughout the BTC Network
Just two days ago, Binance announced that it would be transferring a sizable sum of money to a new address in an effort to increase community openness. It’s interesting to note, however, that only 15,000 BTC were sent to the address they made public.
According to Santiment , the considerably larger transfer took place when $3.47 billion in Bitcoin was sent to the address 39884E3j6KZj82FK4vcCrkUvWYL5MQaS3v, as can be seen in the tweets above. As the second-largest individual move of the year on the BTC network, this one was significantly more significant.
Naturally, this one transfer has resulted in a significant increase in transaction volume.
The fact that Bitcoin, in particular, has responded favorably to the start of the week is the most intriguing aspect of these massive Binance transfers. Since the transfer, BTC’s price has increased by a modest 2.94% and at the time of writing stood at $30K .
