- 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 SECโs attack on Binance and Coinbase, institutional interest in Bitcoin has helped the price rally back to $30,000 โ 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.
Sponsored
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 โ EDX โ has the Bitcoin market in a flurry of excitement.
This positive news comes off the back of the SECโs crackdown on traditional household crypto names but also clears a path for a bigger institutional push into the digital asset market.
Moreover, traders are scrambling for Bitcoin calls or bullish bets after the cryptocurrencyโs 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 โ worth around $3.6 billion just before the leap to $30,000 โ 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 SECโs 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, Fidelityโs 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
