Institutional and Whale Demand for Bitcoin and Ethereum Skyrockets
Bitcoin, Ethereum and Polygon are experiencing a remarkable surge in large-scale transactions, also known as "whale transactions."
Notably, Bitcoin has seen an 80% increase in transactions valued over $100,000.
Similarly, Ethereum's large transactions have soared by 170%, while Polygon has witnessed an unprecedented rise of over 3,800% compared to their respective volumes just 30 days ago.
Large transactions
Data from the past week highlights the scale of this uptick in high-value transactions. Bitcoin recorded 16,410 transactions in the last 24 hours, peaking at 22,570 transactions on Nov. 9. The lowest was 12,810 transactions on Nov. 5.
In terms of transaction volume, Bitcoin saw $24.4 billion in the last 24 hours, with a high of $39.02 billion and a low of $18.1 billion within the same week. Ethereum's large transaction count stood at 3,560 in the last 24 hours, reaching a seven-day high of 7,590 transactions and a low of 3,040.
Alex DovbnyaIts transaction volume echoed this trend, with $2.91 billion in the last 24 hours, peaking at $6.59 billion and a low of $2.47 billion.
For Polygon, the number of large transactions reached a seven-day high of 209 transactions, the same as its count in the last 24 hours, with a low of 34 transactions. The transaction volume mirrored this surge, with the last 24 hours seeing $194.42 million, a seven-day high of $357.59 million and a low of $28.81 million.
Renewed institutional demand
The significant increase in whale transactions across these cryptocurrencies is largely attributed to renewed institutional interest. The crypto market is abuzz with anticipation for the launch of spot Bitcoin ETFs by January 2024, a development that is expected to further fuel institutional demand.
Additionally, BlackRock's plans to introduce a spot Ethereum ETF have added to this excitement. Institutional demand plays a crucial role in the crypto market, as it not only brings substantial capital but also lends credibility and stability to the digital currency ecosystem.
The entry of large financial players and the creation of more accessible investment vehicles like ETFs are seen as key drivers for long-term growth and mainstream acceptance of cryptocurrencies.
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