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Bitcoin has bounced back from its latest low as on-chain data shows the Whale Transaction Count has witnessed a spike on the network.
Bitcoin Whale Transaction Count Has Just Seen A Large Spike
As pointed out by analyst Ali Martinez in a new post on X, whales notably upped their activity during the recent price surge. The indicator of relevance here is the “Whale Transaction Count” from the on-chain analytics firm Santiment, which measures the total number of transfers occurring on the Bitcoin blockchain that are carrying a value of more than $1 million.
Only the whale entities are capable of moving amounts this large with single transactions, so the Whale Transaction Count is assumed to correspond to the activity of these humongous investors.
When the value of the metric rises, it means the whales are making more moves on the network. Such a trend could be a sign that the interest around the asset is going up among this key cohort.
On the other hand, the indicator witnessing a decline suggests the large traders may be shifting attention away from the cryptocurrency as they are making fewer transactions.
Now, here is the chart shared by the analyst that shows the trend in the Whale Transaction Count for Bitcoin during the last few weeks:
As is visible in the above graph, the Bitcoin Whale Transaction Count slumped to a low level during the weekend, but following BTC’s price crash to kick off this new week, its value saw revitalization. At the peak of this spike on Monday, the whale transfers reached the 1,715 mark, a significant value.
From the chart, it’s apparent that the surge in whale activity has so far led into a recovery push for the cryptocurrency’s price. Thus, it’s possible that these large entities made their moves to capitalize on the price dip and helped fuel the rally.
That said, the indicator has cooled off a bit today, a potential sign that the whales may already be done with their accumulation. So, it only remains to be seen whether the recovery will last.
Something that could prove to be a bearish omen is the fact that ancient Bitcoin has just been involved in a transaction. As the chart shared by CryptoQuant community analyst Maartunn in an X post displays, 365 BTC dormant since 10 or more years has been moved on the network.
The amount itself isn’t too large in the grand scheme of things, but generally, ancient entities breaking their silence doesn’t tend to be a positive sign for Bitcoin, as it implies market conditions have forced even the diamond hands into selling.
BTC Price
Bitcoin saw recovery toward $81,000 yesterday, but the coin has since seen a minor retrace back to $79,700.
Featured image from Dall-E, CryptoQuant.com, Santiment.net, chart from TradingView.com
Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.
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’s 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’t 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’t 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.
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