Large Bitcoin transfers with a value of at least $1 million have increased at a rapid pace since the start of this week. Sanitment’s on-chain data shows that more than 13,400 BTC transactions were executed in the past three days, each worth more than $1 million.
Moreover, for the first time in 12 weeks, each of the past 3 days has seen over 4,000 transactions involving the movement of $1 million worth of BTC. “While Bitcoin hovers between $43k and $45k and traders await the next big swing, whales are becoming increasingly active in making massive transactions. In the last three days, there have been 13,400 BTC transactions exceeding $1M in value,” Santiment noted.
In an interesting development, the Bitcoin network has seen a sharp rise in the total number of new addresses. The average figure now stands at around 17,500, which is the highest level in one month. Despite the reason that crypto millionaires have enhanced the movement of BTC, a large part of the current BTC supply has remained illiquid.
Bitcoin Whales
Marcus Sotiriou, an Analyst at the UK-based digital asset broker GlobalBlock, believes that most of the current Bitcoin owners are planning to hold the crypto-asset for a longer time frame.
Moreover, he highlighted the soaring crypto adoption despite recent geopolitical tensions.
“Bitcoin has stalled around $43-$44k whilst on-chain metrics suggest that the accumulation phase has begun. Accumulation phases precede bull markets, whilst distribution phases precede bear markets. Analysis from CryptoQuant shows how the market cap for 6-month-old Bitcoin was 13% at the cycle top, whereas it is now 52%. A larger proportion of investors are becoming long-term holders is beneficial for price appreciation, as more investors are seeking higher prices to sell. Crypto adoption globally continues to soar and aligns with the thesis that we are in an accumulation phase,” Sotiriou said.
