On-chain data shows that Bitcoin whales were ready for $30k breakout.
As soon as Bitcoin breached the $30,000 psychological mark, whales jumped on the opportunity transacting in huge amounts.
Bitcoin whales transaction count surge
After facing a significant downturn following the Securities and Exchange Commission (SEC) crackdown on crypto exchanges, Bitcoin rallied back above $30,000 on Wednesday. While the market tourists fought through the market-shattering events, the whales were watching.
Within hours of BTC crossing the $30k mark, as many as 259 whale transactions worth over $1M were registered on the Bitcoin Network.
According to data from Santiment, whale activity on the network reached a three-month high, although this spectacular increase needs more evidence to support whale activity.
The pioneer coin whale transaction count saw a significant increase over the past day, as shown in the graph above. Around two hours after the coin reached its local top, the indicator spiked lasting for around an hour.
As for how this increase in volume would affect the asset’s price, the indicator’s high readings might increase the volatility of the cryptocurrency.
It’s interesting to note that Whales have been active in the Bitcoin market before the most recent surge in million-dollar transactions. Prior to the jump to $30,000, crypto wallets holding between 1,000 and 10,000 BTC have amassed a total of 131,600 BTC, or around $3.6 billion, over the past 11 weeks.
Notably, the rekindled institutional interest has driven Bitcoin’s price up. Glassnode contends that market participants have made substantial gains amid this frenzy.
The price of Bitcoin currently trades at $30,071 after moving up about 0.21% over the last 24 hours.
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