On-chain data may be indicating that Bitcoin whales are accumulating aggressively. A cryptocurrency expert named Ali claims that in only the previous five days, Bitcoin whales have bought over 30,000 BTC, or almost $1 billion.
Whales and institutions seem to have a greater demand for Bitcoin now that there are Bitcoin spot ETF applications available. A blockchain analytics tool called IntoTheBlock reports that institutional activity for the biggest cryptocurrency by market capitalization seems to be rising.
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This occurs as the quantity of transactions on the Bitcoin blockchain valued at $100,000 or more hits a record high in 2023.
Bitcoin Whales Show Strong Buying Interest: On-Chain Analysis,Bitcoin Whales Show Strong Buying Interest: On-Chain Analysis
Following Blackrock’s ETF application, large transactions—those over $100,000—soared in late June and have now surpassed that benchmark as Bitcoin hits new annual highs.
For the first time since May 2022, Bitcoin briefly exceeded $35,000. In the past seven days, Bitcoin has increased by around 14.44%. It recently settled at about $34,253, having previously reached new annual highs of $35,157 but failed to break beyond that price barrier.
Next, what? With indications that Bitcoin may be nearing the beginning of a bull market, the cryptocurrency is presently up more than 100% in 2023. The market value to realised value (MVRV) ratio for Bitcoin shows that it is not as hot as it was during previous bull markets, despite the fact that short-term activity is also heating up and cyclical patterns are aligning for the cryptocurrency.
When compared to the current 150% number, historical Bitcoin bull markets have peaked at 300%+ MVRV, suggesting that there is still more opportunity for the bull market to advance.
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The next level of resistance for Bitcoin is the recent high of $35,000. If this level is breached, the next point might be around $38,000–$39,000, which is where 333,000 BTC was bought.
But in the case of a downturn, there seems to be a lot of support around $30,000.
Bitcoin Whales Show Strong Buying Interest: On-Chain Analysis,Bitcoin Whales Show Strong Buying Interest: On-Chain Analysis,Bitcoin Whales Show Strong Buying Interest: On-Chain Analysis, Bitcoin Crypto news, Bitcoin News