Bitcoin

April

Coin

<ul class="wp-block-list news-points">
 <li>Bitcoin on-chain activity reached $37.4 billion, the highest in seven months.</li>
 <li>The spike in on-chain transactions coincided with whale movements after months of dormancy.</li>
 <li>The whale accumulated $681M in BTC over the last few months at higher values.</li>
</ul>
Even though Bitcoin is facing bearish pressure affecting its price, recent whale activities suggest a promising outlook for the market. On Tuesday, Bitcoin’s network saw a significant surge in on-chain transaction volume, reaching $37.4 billion—the highest level in seven months, according to blockchain analytics platform <a href="https://x.com/santimentfeed/status/1843886201289244706" target="_blank" rel="noopener noreferrer nofollow">Santiment</a>.
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="512" height="287" src="https://coinedition.com/wp-content/uploads/2024/10/unnamed-2024-10-09T163635.399.png" alt="" class="wp-image-523976" srcset="https://coinedition.com/wp-content/uploads/2024/10/unnamed-2024-10-09T163635.399.png 512w, https://coinedition.com/wp-content/uploads/2024/10/unnamed-2024-10-09T163635.399-300x168.png 300w, https://coinedition.com/wp-content/uploads/2024/10/unnamed-2024-10-09T163635.399-380x213.png 380w, https://coinedition.com/wp-content/uploads/2024/10/unnamed-2024-10-09T163635.399-127x70.png 127w, https://coinedition.com/wp-content/uploads/2024/10/unnamed-2024-10-09T163635.399-159x89.png 159w, https://coinedition.com/wp-content/uploads/2024/10/unnamed-2024-10-09T163635.399-255x143.png 255w, https://coinedition.com/wp-content/uploads/2024/10/unnamed-2024-10-09T163635.399-313x175.png 313w, https://coinedition.com/wp-content/uploads/2024/10/unnamed-2024-10-09T163635.399-440x247.png 440w, https://coinedition.com/wp-content/uploads/2024/10/unnamed-2024-10-09T163635.399-414x232.png 414w, https://coinedition.com/wp-content/uploads/2024/10/unnamed-2024-10-09T163635.399-294x165.png 294w, https://coinedition.com/wp-content/uploads/2024/10/unnamed-2024-10-09T163635.399-377x211.png 377w, https://coinedition.com/wp-content/uploads/2024/10/unnamed-2024-10-09T163635.399-328x185.png 328w, https://coinedition.com/wp-content/uploads/2024/10/unnamed-2024-10-09T163635.399-144x81.png 144w, https://coinedition.com/wp-content/uploads/2024/10/unnamed-2024-10-09T163635.399-123x70.png 123w, https://coinedition.com/wp-content/uploads/2024/10/unnamed-2024-10-09T163635.399-129x72.png 129w, https://coinedition.com/wp-content/uploads/2024/10/unnamed-2024-10-09T163635.399-355x200.png 355w" sizes="(max-width: 512px) 100vw, 512px">
 </figure>
</div>
This spike happened at the same time as movements of dormant Bitcoin by whales. For example, one whale took 250 BTC, worth approximately $15.6 million, off the Binance exchange on Tuesday.
This particular whale had been inactive for six months, and the withdrawal was executed one hour before Lookonchain’s report. The <a href="https://coinedition.com/ancient-bitcoin-whale-wakes-up-sends-634k-to-kraken/" rel="noopener noreferrer nofollow">reactivation</a> of these dormant coins has fueled speculation about Bitcoin’s near-term market behavior.
According to Lookonchain, this whale had previously accumulated a substantial sum—10,158 BTC, worth $681 million—between March 14 and April 13 of this ye…
The post <a href="https://coinedition.com/bitcoin-whales-drive-record-37-4b-on-chain-transaction-volume/" rel="noopener noreferrer nofollow">Bitcoin Whales Drive Record $37.4B On-Chain Transaction Volume</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Bitcoin Whales Drive Record $37.4B On-Chain Transaction Volume

Coin Edition

Other articles published on Oct 9, 2024

EigenLayer Price Prediction: EIGEN Soars 9%, But Experts Say This PEPE Upgrade Might Be The Best ...

Aptos Blockchain Welcomes Franklin Templeton's Tokenized U.S. Government Fund

Pendapatan Penambang Bitcoin Terjun Bebas Meski Hash Rate Naik Pesat

Canary Capital Second to File for XRP ETF

TRON Price Surge: Is ATH on the Horizon After 11M TRX Burn?

FTX Clears Path to Repay Customers: A $16 Billion Crypto Comeback

Join our free newsletter for daily crypto updates!