- Bitcoin has been moving at a rapid rate after it crossed $30,000.
- Whales look to have had inside information on the price rise.
- Accumulation has been the name of the game for the past 11 weeks despite the SEC crackdown.
Having faced a significant downturn after the SEC’s attack on Binance and Coinbase, institutional interest in Bitcoin has helped the price rally back to $30,000 – and the whales are watching.
As many as 259 transactions worth over $1 million were registered on the Bitcoin network within hours of the coin crossing the psychological threshold of $30,000. Clearly, there is something in the water for big Bitcoin Whales.
What are the Whales up to?
As explained in the Santiment Tweet above, whale action on Bitcoin hit a three-month high, but that impressive spike needs further metrics to prove Whales are indeed up to something.
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It would be easy to assume that news surrounding Bitcoin ETFs coming out of BlackRock and potentially Fidelity, as well as the launch of a Wall Street-backed exchange – EDX – has the Bitcoin market in a flurry of excitement.
This positive news comes off the back of the SEC’s crackdown on traditional household crypto names but also clears a path for a bigger institutional push into the digital asset market.
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Moreover, traders are scrambling for Bitcoin calls or bullish bets after the cryptocurrency’s renewed shine as Bitcoin options contracts worth $3.3 billion changed hands across major exchanges. ByBit boasted a new high in daily volume traded with $246 million, but Deribit topped out with $2.78 billion.
Whales Saw It Coming
Interestingly, the latest spike in million-dollar transactions is not the first sign of Whales in the Bitcoin market. Crypto wallets holding between 1,000 and 10,000 BTC have collectively accumulated around 131,600 BTC – worth around $3.6 billion just before the leap to $30,000 – in the last 11 weeks
Much of that accumulation came between June 12 and 19, a time when the crypto space was coming to grips with the SEC lawsuits, which landed on June 5 and 6.
On the Flipside
- Bitcoin has always been in the SEC’s good books; it is also a very popular choice with institutional investors, which has led to the price rise, but also its market dominance to cross 50%.
Why this Matters
Volatile crypto markets are often too powerful for many people to handle. Yet, there are a lot of Bitcoin whales that are adept at soaking up the pressure and flourishing. The sudden demand for Bitcoin will significantly impact the markets going forward.
Read more about EDX:
Citadel, Fidelity’s Exchange EDX Joins Deutsche Bank in Crypto Push
Read more about the Litecoin Halving:
Understanding Upcoming Litecoin Halving: Wallet Address Rise 55% in a Week
