Bitcoin Whales Transactions At A Record Level, Expert Predicts BTC Bull Run Will Outperform Previous Cycles

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.

Surging Bitcoin Whale Transactions Hint At A Record-Breaking Bull Run

Recent data from Santiment suggests a surge in Bitcoin whale transactions, defined as any movement of at least 100,000 USD in a single transaction. This activity, closely monitored by investors, could indicate a major shift in the crypto market.

According to the platform's analysis, the Bitcoin network experienced approximately 11,697 whale transactions on Friday, marking its highest level in over 10 weeks. This surge in large investor transactions is a significant development, especially in light of the recent broader market confidence and Bitcoin's recovery from its lows.

Surging Bitcoin Whale Transactions Hint At A Record Breaking Bull Run - Blockonomi

Surging Bitcoin Whale Transactions Hint At A Record Breaking Bull Run

Surging Bitcoin Whale Transactions Hint At A Record Breaking Bull Run

Surging Bitcoin Whale Transactions Hint At A Record Breaking Bull Run - Blockonomi

Surging Bitcoin Whale Transactions Hint At A Record Breaking Bull Run

According to market intelligence and on-chain data platform Santiment, Bitcoin whale transactions surged to a record high on Friday, suggesting a surge in activity from large holders. Specifically, the surge marks its highest level in over 10 weeks.

Data from Santiment showed that the network saw about 11,697 whale transactions exceeding $100,000, a level not seen since August 4, when Japan’s stock market crashed, leading 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 to position themselves for a major price rally in the upcoming months.

As the price of Bitcoin continues to rebound, investors and traders are keeping a close watch on 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 toward 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.

Related Reading: Bitcoin Fear And Greed Index Flashes Extreme Greed For First Time Since April

Will This Cycle Bull Run Outperform Previous Ones?

As investors eagerly anticipate the next rally for Bitcoin, crypto expert and trader, Ether Nasyonal, has boldly predicted that BTC’s bull run in the ongoing cycle might even outperform past cycles. Nasyonal made this prediction after observing a god candle pattern on BTC’s monthly chart and an extended accumulation period.

Comparing the current accumulation phase of Bitcoin with previous cycles like 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.

The above is the detailed content of Bitcoin Whales Transactions At A Record Level, Expert Predicts BTC Bull Run Will Outperform Previous Cycles. For more information, please follow other related articles on the PHP Chinese website!