Bitcoin

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On-chain data might be signaling aggressive accumulation among Bitcoin whales. According to <a href="https://twitter.com/ali_charts/status/1718245088747254036" rel="noopener noreferrer nofollow">Ali</a>, a crypto analyst, Bitcoin whales have purchased over 30,000 BTC worth approximately $1 billion in the last five days alone.
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 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> whales have purchased over 30,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> within the last five days, worth nearly $1 billion! <a href="https://t.co/oclJBY5j6a" rel="noopener noreferrer nofollow">pic.twitter.com/oclJBY5j6a</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1718245088747254036?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 28, 2023</a>
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The <a href="https://u.today/ripple-cbdc-advisor-reacts-as-europe-gets-first-bitcoin-spot-etf" rel="noopener noreferrer nofollow">Bitcoin spot ETF</a> applications appear to have boosted the appetite for Bitcoin among whales and institutions.
According to <a href="https://twitter.com/intotheblock/status/1717905453529596252" rel="noopener noreferrer nofollow">IntoTheBlock</a>, a blockchain analytics platform, institutional activity appears to be increasing for the largest cryptocurrency by market capitalization. This comes as the number of transactions worth more than $100,000 on the Bitcoin blockchain reaches a new peak in 2023.
Large transactions, or those over $100,000, soared in late June following Blackrock's ETF application and have now surpassed that threshold as Bitcoin achieves new yearly highs.
<a href="https://u.today/bitcoin-btc-eyes-47000-as-next-target-heres-whats-needed" rel="noopener noreferrer nofollow">Bitcoin</a> momentarily surpassed $35,000 for the first time since May 2022. BTC has risen approximately 14.44% in the last seven days, recently settling at around $34,253 after hitting new yearly highs of $35,157 but failing to break through that price level.
<h2 id="what-s-next">What's next?</h2>
<a href="https://u.today/bitcoin-btc-eyes-39000-as-next-target-heres-whats-needed" rel="noopener noreferrer nofollow">BTC</a> is currently up more than 100% in 2023, as signs emerge of Bitcoin being in the early stages of a bull market.
Not only are cyclical patterns aligning for Bitcoin, but short-term activity is also heating up; yet, the Bitcoin market value to realized value (MVRV) ratio indicates that Bitcoin is not yet as overheated as it was during prior bull markets.
<a href="https://medium.com/intotheblock/what-comes-next-for-bitcoin-after-reaching-35k-3ec0523ee892" rel="noopener noreferrer nofollow">Historically</a>, Bitcoin bull markets have peaked at 300%+ MVRV, which, when compared to the current 150% figure, indicates that the bull market has room to run even farther.
The recent high of $35,000 is the next resistance level for Bitcoin, and if this level is broken, the next point might be around $38,000–$39,000, where 333,000 BTC was purchased.
In the event of a correction, however, support appears to be strong near the $30,000 mark.&nbsp;

Bitcoin (BTC) Whales Aggressively Accumulating: On-Chain Data

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