Bitcoin Whales Aggressively Accumulating
Bitcoin whales have been buying over 30,000 BTC worth around $1 billion in the last five days, according to Ali, a crypto analyst.
The Bitcoin spot ETF applications have boosted the appetite for Bitcoin among whales and institutions.
Institutional activity is increasing for the largest cryptocurrency by market capitalization, as the number of transactions worth more than $100,000 on the Bitcoin blockchain reaches a new peak in 2023.
Large transactions, or those over $100,000, soared in late June following Blackrock’s ETF application and have now surpassed that threshold as Bitcoin achieves new yearly highs.
BTC has risen approximately 14.44% in the last seven days, recently settling at around $34,253. Short-term activity is also heating up, but the Bitcoin market value to realized value (MVRV) ratio indicates that Bitcoin is not yet as overheated as it was during prior bull markets.
(With inputs from Shikha Singh)
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