Since whales tend to amass large amounts of Bitcoin, one holder has just moved over $ 1.5 billion in BTC from a single wallet.
Blockchain.com confirmed a transaction on Oct. 4 that moved a whopping 31,306 BTC, valued at $ 1,500,784,730 at the time.
According to Santiment, whale traders recently amassed the largest amount of BTC in a single day in over two years. Those whales didn’t sell either, leading the analyst firm to believe that this was the driving force that pushed BTC back above $ 51,000.
“Bitcoin whale traders holding $ 100-10,000 in BTC amassed 70,000 BTC 10 days ago, the largest day of this group’s accumulation since July 2019. It is not surprising that the price is gradually returning above $ 51,000 , as whales are not showing any signs of a sell-out yet. “
Bitcoin whales accumulate | The source: mood
Bitcoin is currently trading at $ 54,717 at press time, up 14% since the October 4 whale trade, with a current value of more than $ 1.7 billion.
Bitcoin wallet after transaction | The source: bitinfocharts.com
Bitcoin is having an epic week?
Santiment also said the leading cryptocurrency could enter an important week as it shows signs of on-chain strength that could pave the way for another big step in the coming days.
“Bitcoin traffic has skyrocketed in the last week. One of the most reliable indicators is the number of tokens moving on the BTC network, which has hit a weekly high since May. If the indicator stays high, BTC could see an epic week. “.
BTC price (green) and stock exchange offer (orange) | The source: mood
Token circulation density indicates the amount of coins used in a given period of time and provides a snapshot of the asset’s condition.
Santiment also noted that the supply of Bitcoin on the exchange is at its lowest level in more than two years.
“With the Bitcoin price returning to the $ 50,000 mark for the first time in 4 weeks, the supply ratio between the exchanges has now dropped to its lowest level since June 4, 2019. The chances of reducing the risk of a major sell-off remain at a 30-month low. “
ETH price (green) and stock exchange offer (pink) | The source: mood
The second largest cryptocurrency appears to be following in Bitcoin’s footsteps as supply on the exchange continues to decline.
“Despite a sharp decline in the last two weeks, the ETH offering on the stock exchanges continues to decline regardless of price movements and is currently reaching a 6-month low. So far the situation looks good as it suggests that market participants are switching to accumulation and HODL modes. “
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According to AZCoin News