Bitcoin Given the recent widespread market confidence, we are witnessing a surge in network activity as large investors, also known as whales, have seen a significant spike in trading, hitting new highs. When compared to the trading volume of the past few days, the growth is significant as the price of the crypto asset has started to recover from its lows.
Bitcoin whale trading hits record levels
According to Bitcoin whale trading into Santiment, a market intelligence and on-chain data platform, has increased significantly over the past day, suggesting it has hit a new high. increased activity From a large holder. Specifically, this surge marks the highest level in more than 10 weeks.
According to Santiment data, there were about 11,697 whale trades over $100,000 on the network, a level not seen since the Aug. 4 Japanese stock market crash that led to a market-wide decline. Ta.
The increase in high-volume transactions indicates that large investors are strategically transferring or acquiring large amounts of BTC in order to establish themselves in major markets amid recent market changes. Prices will rise in the coming months.
As Bitcoin price continues to rebound, investors and traders We are closely monitoring these large trades as this development could mark a pivotal moment in the direction of the BTC market in the near term.
The platform also highlighted a noticeable shift in social media discussions towards Bitcoin due to an increase in whale trading. Santiment said the conversation for BTC across social media platforms exceeds that of altcoins, reflecting its status as an industry-leading crypto asset.
For the first time since July 27, Bitcoin accounted for approximately 25.5% of all social media discussions about crypto assets. This significant growth is due to BTC recently breaking out of the $68,000 level over the past two months as investors bet on the digital asset.
Even though these trends are seen as bullish indicators, Santimento sees signs that rising crowd FOMO and profit-taking by key stakeholders could put the next bull market on hold. It is claimed that However, future price declines will probably Medium and long term indicators Stay positive.
Will this cycle Bull Run outperform the previous cycle?
As investors speculate on Bitcoin's next rally, crypto expert and trader Ether Nasional said: predicted The BTC bull run in the current cycle could outperform past cycles. The National made a bold prediction after citing the impending divine candle pattern. BTCMonthly chart and extension of the accumulation period.
The expert compared Bitcoin's current accumulation phase to past cycles such as 2016 and 2020, and emphasized that this cycle phase “lasted a little longer.” As a result, National believes this is next. parabolic wave A longer accumulation period suggests greater bullish potential for BTC, hence the “grander” potential.
Featured image from Unsplash, chart from Tradingview.com
