{"id":524088,"date":"2023-03-22T13:22:44","date_gmt":"2023-03-22T13:22:44","guid":{"rendered":"https:\/\/wncen.com\/?p=524088"},"modified":"2024-06-11T13:02:52","modified_gmt":"2024-06-11T13:02:52","slug":"bitcoin-whale-activity-reaches-highest-weekly-levels-of-2023","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-whale-activity-reaches-highest-weekly-levels-of-2023\/","title":{"rendered":"Bitcoin Whale Activity Reaches Highest Weekly Levels Of 2023"},"content":{"rendered":"

On-chain data shows the Bitcoin whales have continued to be active recently, with the last week being their 2023 week with the highest average activity.<\/p>\n

Bitcoin Whales Are Displaying Highest Activity In 16 Weeks<\/h2>\n

As per data from the on-chain analytics firm Santiment<\/a>, Wrapped BTC (WBTC) has also seen high whale activity in the past week. The relevant indicator here is the “whale transaction count<\/a>,” which measures the total amount of transactions being made on the Bitcoin blockchain that is at least $100,000 in value.<\/p>\n

The $100,000 cutoff is chosen because generally, only the whales<\/a> (both the small and large ones) are capable of moving such a large amount of the cryptocurrency in a single transaction.<\/p>\n

When the value of the whale transaction count is low, it means there aren’t many large transfers happening on the blockchain currently. Such a trend suggests the whales aren’t that active on the network right now.<\/p>\n

On the other hand, high values of the indicator imply whales have an active interest in trading the asset at the moment. As the transfers made by these whales are so large, enough of them taking place at once can sometimes have the power to move the market. Because of this reason, when the metric is showing this trend, the asset’s price can experience some elevated volatility.<\/p>\n

Related Reading: $28.7K Could Be Next Level To Break For Bitcoin, Here\u2019s Why<\/a><\/div>\n

Now, here is a chart that shows the whale transaction count, as well as its 30-day moving average (MA), for both Bitcoin and WBTC over the last few months:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric for both the coins has been pretty high in recent days | Source: CryptoQuant<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin whale transaction count has been at relatively high levels recently as the cryptocurrency’s price has observed a sharp uptrend<\/a>. The daily values, however, have actually gone down compared to the spikes seen a week or so back.<\/p>\n
But the 30-day MA of the metric has only been going up despite this, as those large spikes seen before were more isolated, while the indicator has seen more consistently high values in the last few days.<\/p>\n
The 30-day MA Bitcoin whale transaction count has now hit the highest level in 16 weeks as these humongous holders are now making more than 10,000 transactions per day. This suggests that Bitcoin whales have been quite active on the blockchain recently.<\/p>\n
The WBTC whales, too, are observing a period of elevated activity, as their 30-day transaction count has reached a 15-week high now. WBTC is an ERC-20 token that’s backed 1:1 by BTC, meaning that its value is the same as the latter.<\/p>\n
Related Reading: Can Crypto Rally Keep Up? This Indicator May Suggest So<\/a><\/div>\n
As the whale transaction count indicator doesn’t separate buy volume from sell volume, it’s hard to say what effect the elevated values of the metric might have on the asset.<\/p>\n
The effect could go either way, bullish or bearish. One thing, however, that has generally held true is that the asset’s price becomes more volatile when the whales are active like this.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $28,200, up 15% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC continues to move sideways | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Richard Sagredo on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Bitcoin whales have continued to be active recently, with the last week being their 2023 week with the highest average activity. Bitcoin Whales Are Displaying Highest Activity In 16 Weeks As per data from the on-chain analytics firm Santiment, Wrapped BTC (WBTC) has also seen high whale activity in the past week. The relevant indicator here is the “whale transaction count,” which measures the total amount of transactions being made on the Bitcoin blockchain that is at least $100,000 in value. The $100,000 cutoff is chosen because generally, only the whales (both the small and large ones) are capable of moving such a large amount of the cryptocurrency in a single transaction. When the value of the whale transaction count is low, it means there aren’t many large transfers happening on the blockchain currently. Such a trend suggests the whales aren’t that active on the network right now. On the other hand, high values of the indicator imply whales have an active interest in trading the asset at the moment. As the transfers made by these whales are so large, enough of them taking place at once can sometimes have the power to move the market. Because of this reason, when the metric is showing this trend, the asset’s price can experience some elevated volatility. Related Reading: $28.7K Could Be Next Level To Break For Bitcoin, Here\u2019s Why Now, here is a chart that shows the whale transaction count, as well as its 30-day moving average (MA), for both Bitcoin and WBTC over the last few months: Looks like the value of the metric for both the coins has been pretty high in recent days | Source: CryptoQuant As displayed in the above graph, the Bitcoin whale transaction count has been at relatively high levels recently as the cryptocurrency’s price has observed a sharp uptrend. The daily values, however, have actually gone down compared to the spikes seen a week or so back. But the 30-day MA of the metric has only been going up despite this, as those large spikes seen before were more isolated, while the indicator has seen more consistently high values in the last few days. The 30-day MA Bitcoin whale transaction count has now hit the highest level in 16 weeks as these humongous holders are now making more than 10,000 transactions per day. This suggests that Bitcoin whales have been quite active on the blockchain recently. The WBTC whales, too, are observing a period of elevated activity, as their 30-day transaction count has reached a 15-week high now. WBTC is an ERC-20 token that’s backed 1:1 by BTC, meaning that its value is the same as the latter. Related Reading: Can Crypto Rally Keep Up? This Indicator May Suggest So As the whale transaction count indicator doesn’t separate buy volume from sell volume, it’s hard to say what effect the elevated values of the metric might have on the asset. The effect could go either way, bullish or bearish. One thing, however, that has generally held true is that the asset’s price becomes more volatile when the whales are active like this. BTC Price At the time of writing, Bitcoin is trading around $28,200, up 15% in the last week. BTC continues to move sideways | Source: BTCUSD on TradingView Featured image from Richard Sagredo on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":524107,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,88014,87824,19064,1119,1144],"class_list":["post-524088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-whale-activity","tag-bitcoin-whale-transaction-count","tag-bitcoin-whales","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Whale Activity Reaches Highest Weekly Levels Of 2023<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin whales have continued to be active recently, with the last week being their 2023 week with the highest 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Whale Activity Reaches Highest Weekly Levels Of 2023","url":"http:\/\/wncen.com\/news\/bitcoin-whale-activity-reaches-highest-weekly-levels-of-2023\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-whale-activity-reaches-highest-weekly-levels-of-2023\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/richard-sagredo-ZC2PWF4jTHc-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/richard-sagredo-ZC2PWF4jTHc-unsplash-scaled.jpg?fit=2560%2C1829"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin whale activity","bitcoin whale transaction count","bitcoin whales","btc","btcusd"],"dateCreated":"2023-03-22T13:22:44Z","datePublished":"2023-03-22T13:22:44Z","dateModified":"2024-06-11T13:02:52Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Whale Activity Reaches Highest Weekly Levels Of 2023\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-whale-activity-reaches-highest-weekly-levels-of-2023\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-whale-activity-reaches-highest-weekly-levels-of-2023\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/richard-sagredo-ZC2PWF4jTHc-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/richard-sagredo-ZC2PWF4jTHc-unsplash-scaled.jpg?fit=2560%2C1829\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin whale activity\",\"bitcoin whale transaction count\",\"bitcoin whales\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-03-22T13:22:44Z\",\"datePublished\":\"2023-03-22T13:22:44Z\",\"dateModified\":\"2024-06-11T13:02:52Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/richard-sagredo-ZC2PWF4jTHc-unsplash-scaled.jpg?fit=2560%2C1829","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/524088","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=524088"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/524088\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/524107"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=524088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=524088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=524088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}