On-chain data may signal aggressive accumulation among bitcoin whales. According to , a crypto analyst, bitcoin whales have purchased over 30,000 BTC worth approximately $1 billion in the last five days alone.
The applications appear to have increased the appetite for bitcoin among whales and institutions.
According to , a blockchain analytics platform, institutional activity appears to be on the rise for the largest cryptocurrency by market capitalization. This comes as the number of transactions worth more than $100,000 on the bitcoin blockchain is set to reach an all-time high in 2023.
Large transactions, or those over $100,000, spiked in late June following Blackrock’s (NYSE:BLK) ETF filing and have now surpassed that threshold as bitcoin hits new yearly highs.
BTC briefly topped $35,000 for the first time since May 2022. BTC has risen about 14.44% in the past seven days, most recently settling around $34,253 after hitting new yearly highs of $35,157, but failing to break through that price level.
What’s Next?
There are signs that bitcoin is in the early stages of a bull market.
Not only are cyclical patterns aligning for bitcoin, but short-term activity is also heating up; however, bitcoin’s Market Value to Realized Value (MVRV) ratio indicates that bitcoin is not yet as overheated as it was during previous bull markets.
In the past, bitcoin’s bull markets peaked at 300%+ MVRV, which, compared to the current 150%, indicates that the bull market has room to run.
The recent high of $35,000 is the next resistance level for Bitcoin, and if this level is broken, the next point could be around $38,000-$39,000, where 333,000 BTC were purchased.
However, in the event of a correction, there appears to be strong support near the $30,000 level.
