Given the recent widespread market confidence, Bitcoin network activity has surged as trading by large investors, also known as whales, has soared significantly and hit 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 market intelligence and on-chain data platform Santiment, Bitcoin whale trading has increased significantly over the past day, hitting new highs, suggesting increased activity among large holders. I am doing it. 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 trades indicates that major investors are strategically transferring or acquiring large amounts of BTC amid recent market changes in preparation for significant price increases in the coming months.
As Bitcoin prices continue to recover, investors and traders are watching these large trades closely as this development could mark a pivotal moment for the direction of the BTC market in the short term. .
Bitcoin whale trading surges to highest level in 10 weeks | Source: Santiment on X
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, as long as medium- and long-term indicators remain positive, any future price declines will likely be temporary.
Will this cycle Bull Run outperform the previous cycle?
As investors speculate on Bitcoin’s next rally, crypto expert and trader Ether Nasional predicted that BTC’s bull run in the current cycle could outpace past cycles. National made a bold prediction, citing an impending divine candle pattern on BTC’s monthly chart and an extended 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 the next parabolic wave could be “more epic” as a longer accumulation period suggests the BTC bull market could be larger. I am doing it.
BTC trading at $66,841 on 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
