Bitcoin Whale Transaction Count Has Shot Up Recently
According to data from the on-chain analytics firm , whale activity surged to the highest level in four months yesterday. The relevant indicator here is the “whale transaction count,” which measures the total amount of transfers taking place on the Bitcoin blockchain that are worth at least $1 million in value.
When the value of this metric is high, it means a large number of whale transactions are occurring on the network right now. Such a trend shows that these humongous holders have an active interest in trading the cryptocurrency currently.
The value of the metric seems to have been quite high in recent days | Source:As shown in the above graph, the Bitcoin whale transaction count observed a big boost in its value as the latest surge in the price of the cryptocurrency took shape. The indicator’s value hit the highest value since November 2022, about four months ago, as the BTC price peaked around the $26,500 level, a 9-month high for the asset.
Though, some information can perhaps be deduced by looking at the accompanying price trend. For example, during the price plunge a week or so back, the whales made a large number of transfers, following which the asset hit a local low and climbed out in a sharp rise, suggesting that the transactions may have been for accumulating at the low prices.
In the current case, however, the asset’s value has gone downhill since whale transactions have spiked, with the price now under the $25,000 mark, which may imply that a decent chunk of these transactions might have been made for selling purposes. If this is the case, it would turn out that these Bitcoin whales possibly saw the latest price surge as just a quick profit-taking opportunity and not a push toward a long-term rise.BTC Price
At the time of writing, Bitcoin is trading around $24,700, up 12% in the last week.Looks like the price of the asset has shot up over the past couple of days | Source: