Bitcoin (BTC) whales have transferred over $1 billion worth of BTC from crypto exchanges in the past 24 hours.
According to data shared by crypto analytics firm Santiment, strong BTC investors have started processing more than 4,000 transactions per day this week, each worth at least over $1 million, after hitting as low as around 2,300 transactions per day in early April.
“Bitcoin has started to see a steady supply of 4,000 whale transactions Monday through Friday, averaging over $1 million in volume, which slows down a bit over the weekends.”
Santiment thinks the massive spikes in activity could mean that the leading digital asset is poised to recoup the losses it suffered in April after hitting heights not seen since the end of 2021 just a few weeks ago for Bitcoin.
“Big gains in trading may be what we are looking for to herald a price jump after the April pullback.”
centiment It also found that 25,878 BTC, which was just under $1.05 billion in the last day, left the exchanges, the biggest difference between entries and exits seen in the last five weeks.
Santiment also notes that large outflows could mean a price rally is on the horizon for the best crypto asset by market cap.
“Historically, large amounts of BTC mined from exchanges lead to price spikes when given a few days for the pattern to continue.”
bitcoin pricewas trading at $40,325 at the time of writing, which represents a 16% drop from its 30-day high of $47,938.
Although the data shared by Santiment seems remarkable, do you think the uncertainties in the global market will be important for the leading crypto asset Bitcoin? According to some analysts, although the uncertainty in the global markets has resulted in many people avoiding risky assets, some analysts think that they will invest in such risky but still used as an inflation hedging instrument to protect their money in conditions of increasing global inflation. Your opinion is important to us.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.