bullish

2024

Bitcoin

Coin

<ul class="wp-block-list news-points">
 <li><strong>Bitcoin sees $37.4B spike in single-day on-chain transactions, highest since March 12.</strong></li>
 <li><strong>Dormant Bitcoin reenters the market, signaling potential bullish momentum ahead.</strong></li>
 <li><strong>Whale activity suggests possible price swings, with $65K resistance level being crucial.</strong></li>
</ul>
<p>Bitcoin saw a big surge in on-chain transaction volume, with $37.4 billion worth of transactions happening on Tuesday. This is the highest on-chain volume since March 12, 2024. The spike, according to data from Santiment and Lookonchain, was caused by dormant Bitcoin coming back into circulation, especially from whales.</p>
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f433.png" alt="🐳" class="wp-smiley" style="height: 1em; max-height: 1em;"> Referring to the Tuesday whale transaction highlighted by <a href="https://twitter.com/lookonchain?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@lookonchain</a>, our own metrics indicate a major spike in dormant activity on Bitcoin's network to pair with $37.4B in on-chain volume Tuesday, the most in 7 months. Historically, stagnant BTC moving back into regular… <a href="https://t.co/l0K5Df2FAM" target="_blank" rel="noopener noreferrer nofollow">https://t.co/l0K5Df2FAM</a> <a href="https://t.co/iMnywyx1hs" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/iMnywyx1hs</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1843886201289244706?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 9, 2024</a>
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<p>The increase in transaction volume happened at the same time as a notable age-consumed spike. This indicator suggests that older, inactive <a href="https://coinedition.com/3-signs-bitcoin-btc-could-rally-in-october-despite-bearish-start/%5C" rel="noopener noreferrer nofollow">Bitcoin holdings</a> are being transferred. One transfer came from Binance, where $15…</p>
<p>The post <a href="https://coinedition.com/bitcoin-transaction-volume-soars-to-37-4b-whats-driving-the-surge/" rel="noopener noreferrer nofollow">Bitcoin Transaction Volume Soars to $37.4B: What’s Driving the Surge?</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.</p>

Bitcoin Transaction Volume Soars to $37.4B: What’s Driving the Surge?

Coin Edition

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