The ETF applications seem to have strengthened the appetite for Bitcoin among whales and institutions
On-chain data indicates aggressive accumulation among Bitcoin whales. According to crypto experts, Bitcoin whales have bought more than 30,000 Bitcoin worth around $1 billion during the past five days alone.
The ETF applications seem to have strengthened the appetite for Bitcoin among whales and institutions.
According to blockchain analytics platforms, institutional activity seems to be growing for the biggest crypto currency in terms of market capitalisation. This comes as the number of transactions worth more than $100,000 on the Bitcoin blockchain hits a new high this year.
Large transactions, or those more than $100,000, surged in late June after Blackrock’s ETF application and have now crossed that threshold as Bitcoin hits new yearly highs.
It momentarily crossed $35,000 for the first time since May last year. Bitcoin has increased nearly 14.44 per cent during the past seven days, recently settling at near $34,253 after reaching new yearly highs of $35,157 but failing to breach that price level.
It is presently over 100 per cent higher in 2023, as signs emerge of Bitcoin being in the early stages of a bull market.
Not only are cyclical patterns aligning for Bitcoin, but short-term activity is also increasing; yet, the Bitcoin market value to realised value (MVRV) ratio suggests that Bitcoin is not yet as overheated as it was during earlier bull markets.
Bitcoin bull markets have peaked at 300 per cent+ MVRV, which, when compared to the present 150 per cent figure, suggests that the bull market has room to run even farther.
The recent high of $35,000 is the next resistance level for Bitcoin, and if this level is breached, the next point might be near $38,000–$39,000, where 333,000 Bitcoin was purchased.