Key Points
- Bitcoin whales have increased their activity, accumulating more BTC amidst market price uncertainties.
- The surge in whale activity has led to a significant increase in BTC transaction volume and dormant Bitcoin moving back into circulation.
Bitcoin whales have been noticeably active in recent days, amassing more Bitcoin (BTC) as the cryptocurrency market grapples with price volatility.
This uptick in whale activity is concurrent with a rise in previously inactive Bitcoin returning to circulation, hinting at a possible shift in market dynamics.
Whale Activity and BTC Accumulation
Lookonchain data shows that Bitcoin whales have been particularly active in the past two days. One monitored address acquired 250 BTC on October 8, worth around $15.6 million. This address then added another 750 BTC, valued at about $46.8 million, within 24 hours, bringing its total to 1,000 BTC. Interestingly, this whale address had been inactive for six months after accumulating over 10,000 BTC earlier this year. The resurgence of buying activity from large holders may indicate increasing confidence in the market’s future.
On-Chain Movements and Market Shifts
The recent increase in Bitcoin whale activity has also resulted in a considerable rise in BTC transaction volume, as per Santiment data. The transaction volume spiked to over 180,000 BTC, equivalent to more than $37 billion. This volume increase is significant as it is the highest in seven months. Also, the age-consumed metric, which monitors the movement of long-held BTC, rose to over 60.7 million BTC, a level unseen in months. Historically, a surge in dormant BTC returning to activity has signaled a positive trend for future price movements. This increase aligns with the renewed accumulation of Bitcoin whales, suggesting a potential market shift.
Despite the heightened whale activity, Bitcoin’s price remains relatively stable. The last trading session closed with Bitcoin trading at around $62,122, a slight dip of 0.13%. However, the current trading session shows a minor uptick, with Bitcoin trading at approximately $62,240, a less than 1% increase. The continued accumulation by Bitcoin whales may influence a positive shift in the price trend soon.
As Bitcoin whales become more active and long-held BTC returns to circulation, the market may be gearing up for a shift. Although the price has not seen a significant increase, the renewed interest from large holders indicates that the market could soon experience a positive momentum.