Recent colossal Bitcoin (BTC) whale movements may be part of why the king crypto is surging, according to a top analytics firm.
Yesterday, Santiment noticed 11 different transfers of BTC totaling over $655 million in value had taken place as Bitcoin approached $30,000.
“Big whale moves have shown up on Bitcoin’s network today, as price is now on the verge of crossing $30,000 for the first time since June. A total of 11 separate 22,000 BTC [11 separate 2,000 BTC transactions worth 22,000 BTC] (a total of $655 million) were moved in two simultaneous batches.”
Digging deeper into the whale activity in a blog post, Santiment says the massive whale movements may have provided a catalyst for Bitcoin’s explosive rally.
“The top 11 of them were all identically sized at 2,000 BTC, and all went to brand new addresses…
eight of them occurred simultaneously at 17:28 UTC. The other three occurred simultaneously at 18:25. This is certainly not normal behavior. And to give a perspective of how large these moves were, a total of 22,000 BTC amounts to $655 million at the time of this writing.
Though we can’t say for certain whether these transactions matched up for certain, we can see that there were big outflow spikes at the time both of these bunches of transactions occurred, implying that these addresses moved from existing on-exchange addresses to new off-exchange addresses.”
Santiment also suggests that the crowd is capable of continuing the rallies sparked by the whales.
“As far as whether this rally can be sustained by the crowd, it certainly appears so now based on trading volume. However, we can see that address activity has been quite modest throughout Monday. So this adds to the theory that these 11 massive Bitcoin transactions had a lot to do with the edging to the celebratory level of $30,000.”
Santiment also notes that Bitcoin is enjoying a big spike in social mentions, helping fuel a “crowd euphoria” as BTC hovers above $30,000 for the first time since June of last year.
“Bitcoin is a top four trending word in crypto following its jump above $30,000 for the first time in 10 months. Comparing the hype around this resistance break compared to the $25,000 cross four weeks ago, we see 82% more mentions of this long-standing milestone.”
BTC is worth $30,203 at time of writing, up 7.5% in the last seven days.
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