Popular cryptocurrency Analysts from the analysis company Santiment shared an analysis that some of the events that occurred before the past rallies are currently experiencing similar ones.
According to Santiment analysts, Bitcoin’s Ethereum version in network Wrapped Bitcoin (WBTC) Big whale transactions with a value of over $1 million in its token are at the highest level since March.
In addition, there was the highest network growth rate in WBTC since July and a significant jump in the number of wallets holding 1 to 1,000 WBTC. In fact, the number of wallet addresses holding 1 to 1,000 WBTC climbed to an all-time high of 4,953.
According to Santiment, similar movements were observed in WBTC transactions before both the March and June cryptocurrency rallies.
Wrapped Bitcoin can be described as a tokenized version of Bitcoin running on the Ethereum blockchain. It was created with the aim of bridging the gap between the Bitcoin and Ethereum blockchains and allowing Bitcoin to be used in Ethereum’s Decentralized Finance (DeFi) ecosystem.
WBTC price is traded at $27,459, in parallel with Bitcoin, which is $27,517 at the time of writing this article.
*This is not investment advice.
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