Whales Moving Coins Hints At Bitcoin Maturity As Macro Asset
October 05 2021 - 2:00PM
NEWSBTC
Data shows large transactions are rising in dominance as whales are
moving their coins. This hints at Bitcoin’s increased maturation as
a macro asset. Large Transactions Are On The Rise On The Bitcoin
Network According to the latest weekly report from Glassnode, large
transactions are becoming increasingly dominant on the BTC network,
hinting that whales and institutional investors are showing rising
interest in the crypto. The relevant indicator here is the total
transfer volume breakdown by size (7-day moving average). This
metric classifies the total transactions happening on the network
into specific ranges based on the size of the transfer. Here is a
chart showing the trend in the Bitcoin volume based on the various
transaction sizes: Large transactions are growing dominant in the
BTC market | Source: Glassnode The above graph shows that trading
volume has again surged back recently after plunging down during
the month of June and staying low ever since. Such high volumes
show that there is a lot of interest going on in the coin right
now. There is a box on the chart that covers the volumes between
$13.6 billion and $16.8 billion. This box highlights the two
regions of most volume where values were close to the all-time-high
(ATH). Related Reading | Bitcoin S2F Creator PlanB Thinks BTC
Will Reach $135k By December The difference between both the peaks
becomes apparent on a closer examination of the chart. It looks
like transactions of size higher than $10 million have become
increasingly dominant recently, when it wasn’t the case during the
bull run in the first half of the year. Such large transactions
belong to whales, institutional investors, trading desks, and other
high worth entities. A rise in these entities shifting around their
coins suggests that Bitcoin has become more mature as a macro
asset. BTC Price At the time of writing, Bitcoin’s price floats
around $49.9k, up 20% in the last seven days. Over the last thirty
days, the crypto has lost 0.6% in value. Related Reading
| Bitcoin Shakes Off Bloody September As Price Breaks $50K,
Headed For New All-Time Highs? The below chart shows the trend in
the price of the coin over the last five days: Bitcoin's price
shows some uptrend after moving sideways for the past few days |
Source: BTCUSD on TradingView Over the last few days, BTC mostly
moved sideways after a very sharp move up. This changed yesterday
when the coin finally showed some movement up and today the coin
retested $50k. Right now, the coin has rebounded back down a
little, but Bitcoin will probably continue to test the level in the
next few days. It’s unclear if BTC will break through the level
anytime soon, or if it will correct lower in the short term.
Featured image from Unsplash.com, charts from TradingView.com,
Glassnode.com
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