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.
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.
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