Surprising Surge in Transaction Sizes on the Bitcoin Blockchain: Whales Are Buying!

• There has been a noticeable surge in Bitcoin blockchain transactions recently, breaking the yearly record of $100,000 worth of transactions.
• According to the latest data from blockchain analysis firm IntoTheBlock, the number of transactions carrying at least $100,000 worth of BTC reached 23,400 in the past week, surpassing its yearly peak.
• There is widespread anticipation that a series of spot-based exchange-traded funds (ETFs) will be approved by the U.S. Securities and Exchange Commission (SEC) early next year.

The new record broken in whale transactions on the Bitcoin network raises hopes that further rises may be coming: ETF expectations have revived the market!

New Record in Bitcoin Blockchain Transactions

There has been a noticeable surge in Bitcoin blockchain transactions recently, breaking the yearly record of $100,000 worth of transactions. This surge signals strong interest from major players in the crypto world, often referred to as ‘whales’ or influential cryptocurrency investors.

The increase in on-chain activity occurred as Bitcoin’s price surpassed $35,000. This indicates the active participation of influential investors and ‘whales’ in cryptocurrencies. According to recent data from blockchain analysis firm IntoTheBlock, the number of transactions carrying at least $100,000 worth of BTC reached 23,400 in the past week, surpassing its yearly peak.

Since last week, Bitcoin’s price has risen to above $35,000, reaching the highest level since early 2022. Additionally, Bitcoin has shown a 27% increase this month, marking a 107% gain from the beginning of the year. IntoTheBlock’s latest report highlighted that Bitcoin spot ETF applications have sparked interest among whales and institutional investors.

This growing interest in Bitcoin can be associated with the trend that began late June after the launch of BlackRock’s ETF and led Bitcoin to new price levels it hadn’t seen in a year. The recent increase in whale activity could be a sign of what might come in 2024.

Are ETFs on the Horizon?

Furthermore, there is widespread anticipation that the U.S. Securities and Exchange Commission (SEC) will approve a series of spot-based exchange-traded funds (ETFs) early next year. Analysts believe that the introduction of BTC ETFs could push Bitcoin’s market value to $42,000 and beyond.

Blockchain data also indicates increased participation from small investors in recent weeks. According to Deutsche Digital Assets data, the on-chain activity index for small actors reached a new yearly high of 1.5 last week. The participation of small investors is considered a critical factor for the sustainability of a bull market in crypto assets.

Impact on Altcoins

A previous COINOTAG report highlighted that Pepe Coin and Floki Inu exceeded monthly resistance levels thanks to the support of major players and increased profitability, and Bitcoin’s price reached $35,000. On-chain data shows a significant increase in large investor activity around Floki Inu and Pepe Coin. Both tokens experienced increased price volatility after surpassing critical monthly resistance levels. However, there are concerns that these investors might sell their holdings if prices stabilize.