Bitcoin has rebounded from its current low as on-chain data indicates the Whale Transaction Count has experienced a jump on the network.
Bitcoin Whale Transaction Count Has Just Seen A Big Surge
As mentioned by expert Ali Martinez in a new post on X, whales significantly raised their activity in the latest price rise. The important indicator here is the “Whale Transaction Count” from the data firm Santiment. It monitors how many Bitcoin transfers are happening that are worth more than $1 million.
Only whale investors can move such large amounts in one transaction, so the Whale Transaction Count is thought to show what these big investors are doing.
When the total worth of the metric surges, it shows the whales are forming further steps on the network. This trend might show that these important investors are becoming more interested in the asset.
On the other hand, if the indicator is going down, it could mean the big traders may be shifting their interest away from the cryptocurrency because they are slowing down transactions.
At present, here is the chart disclosed by the expert that indicates the trend in the Whale Transaction Count for Bitcoin over the last several weeks.
As shown in the above graph, the Bitcoin Whale Transaction Count dropped to a low level over the weekend. But after Bitcoin’s price collapse at the start of this week, the value bounced back. On Monday, the whale transfers peaked at 1,715, which is a remarkable value.
Based on the chart, it’s visible that the surge in Whale activity has so far led to a rebound push for the cryptocurrency’s price. So, it’s likely that these big investors took advantage of the price drop to make profits and supported the price rise.
That being said, the indicator has slowed down today, which could mean the whales are finished purchasing. Now, at present, we just have to wait and see if the bounce back will continue.
A possible sign of a downturn is that old Bitcoin has just been moved. According to a chart shared by CryptoQuant community analyst Maartunn in an X post, 365 BTC that had been inactive for 10 or more years were transferred to the network.
The value itself is not excessively large in the master plan of objects. When old Bitcoin holders start selling, it’s generally a bad signal for Bitcoin. It means that market conditions have been pressured so badly that even the most loyal investors are selling BTC.
BTC Price
Bitcoin experienced a rebound to $81,000 yesterday, but the coin has since observed a small pullback to $79,700.
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