Bitcoin is witnessing a surge in network activity as large investor transactions, also known as whales, have skyrocketed significantly to new highs in light of recent broader market confidence. In comparison to the trading volume in the past few days, the growth is notable as the crypto asset’s price has started to recover from its lows.
Bitcoin Whales Transactions At A Record Level
According to market intelligence and on-chain data platform, Santiment, Bitcoin whale transactions have increased sharply in the last day to new highs, suggesting a rise in activity from large holders. Specifically, the surge marks its highest level in over 10 weeks.
Data from Santiment reported that the network saw about 11,697 whale transactions exceeding $100,000, a level not seen since Japan’s stock market crash on August 4, which led to a general market downswing.
The increase in high-volume transactions indicates that the major investors amid recent market shifts are either strategically transferring or acquiring large amounts of BTC in order to position themselves for a major price rally in the upcoming months.
As the price of Bitcoin continues to rebound, investors and traders are closely observing these large transactions since the development could indicate a pivotal moment in the direction of the BTC market in the short term.
The platform also highlighted a notable shift in social media discussions toward Bitcoin alongside the rise in whale transactions. Santiment stated that the conversations across social media platforms toward BTC have surpassed that of altcoins, reflecting its position as the leading crypto asset in the industry.
For the first time since July 27, Bitcoin made up about 25.5% of the overall social media discussion towards crypto assets. This substantial growth is attributed to BTC’s recent breakout from the $68,000 level in the last 2 months, with investors betting on the digital asset.
Despite these developments being seen as bullish indicators, Santiment claims that they are signs that the heightened crowd FOMO and profit-taking by key stakeholders could be putting the next rally on hold. However, any price fall from now would probably be brief as long as the mid-term and long-term metrics remain positive.
Will This Cycle Bull Run Outperform Previous Ones?
As investors anticipate the next rally for Bitcoin, crypto expert and trader, Ether Nasyonal has predicted that BTC’s bull run in the ongoing cycle might outperform past cycles. Nasyonal made the bold prediction after citing an impending god candle pattern on BTC‘s monthly chart and an extended accumulation period.
Comparing the current accumulation phase of Bitcoin with previous cycles such as 2016 and 2020, the expert highlighted that this cycle’s phase has “lasted a bit longer.” As a result, Nasyonal is confident that this next parabolic wave could be “more epic,” because a longer accumulation period suggests a potential bigger bull run for BTC.
Featured image from Unsplash, chart from Tradingview.com