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On-chain data might be signaling aggressive accumulation among Bitcoin whales. According to Ali, a crypto analyst, Bitcoin whales have purchased over 30,000 BTC worth approximately $1 billion in the last five days alone.
The Bitcoin spot ETF applications appear to have boosted the appetite for Bitcoin among whales and institutions.
According to IntoTheBlock, 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.
Tomiwabold OlajideBitcoin 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.
What's next?
BTC 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.
Historically, 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.
Alex Dovbnya
Dan Burgin