The number of transactions processed on the Bitcoin blockchain involving a movement of at least $100,000 worth of bitcoin increased to a YTD high of 23,400 last week
Bitcoin’s onchain activity indicates whales, or investors with huge capital supply and the ability to influence market trends, have been active during the crypto currency’s recent rise above $35,000.
The number of transactions processed on the Bitcoin blockchain involving a movement of at least $100,000 worth of bitcoin increased to a YTD high of 23,400 last week, as per data tracked by blockchain analytics firm IntoTheBlock.
The crypto currency’s price topped the $35,000 level last week, hitting the highest since early May 2022, according to CoinDesk data. The crypto currency has since traded sideways, near $34,000, boasting a 107% YTD rise. Prices have soared 27% this month, supposedly on the back of spot ETF hope and higher haven demand.
The bitcoin spot exchange-traded fund applications seem to have raised whales’ and institutions’ appetite for bitcoin, IntoTheBlock stated in a newsletter Friday. Transactions of more than $100,000 had earlier spiked in late June after Blackrock’s exchange-traded fund filing and have now crossed that level as Bitcoin sets new yearly highs.
The recent increase in institutional activity might be a harbinger for what comes in 2024, IntoTheBlock further said.
The U.S. SEC is broadly expected to approve several spot ETFs in early 2024. Analysts expect the impending financialization of bitcoin through exchange-traded funds will boost the crypto currency’s market value to $42,000 and higher.
According to blockchain data, retail investors have also become more active in recent weeks.
Data tracked by Deutsche Digital Assets shows small entities’ onchain activity index, a metric to gauge retail investor activity, hit a new YTD high of 1.5 last week.
