The Glassnode Alerts service powered by the Glassnode industry-level on-chain data provider, reports the most interesting events on the Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) blockchains.
New six-month high
According to the alert service, the median transaction volume in USDT exceeded $1,000 equivalent for the first time since December 2019. On a new local high, it almost touched the $1,100 level.
? $USDT Median Transaction Volume (1d MA) just reached a 6-month high of 1,092.950 USDT— glassnode alerts (@glassnodealerts) May 11, 2020
Previous 6-month high of 970.366 USDT was observed on 12 December 2019
View metric:https://t.co/68floFv5j7 pic.twitter.com/3a1c92Ay9i
The previous local peak was observed on December 12, 2019, and was 11.2% lower.
As per the chart, this metric indicates no clear correlation with the price of the flagship cryptocurrency. However, this spike coincided with a tremendous price drop that was registered yesterday.
As previously reported by U.Today, the $1,500 price plunge was accompanied by large-scale longs liquidations on leading crypto derivatives exchanges. Traders report massive auto-deleveraging on Binance Futures.
Are whales accumulating?
The spike in the median transaction volume could be interpreted as indicative of accumulation among whales, the top richest wallets of the Bitcoin (BTC) network. Inspired by the prospects of future growth, whales are trying to buy the dip.
Recently, Digital Galaxy CEO Mike Novogratz highlighted that buying Bitcoin (BTC) at current prices may be a smart bet as the 'rally just started'.
Many traders and analysts believe that the whale segment is currently accumulating. And this does not only pertain to Bitcoin (BTC) whales.
Analyst Adam Cochran of Metacartel Ventures DAO has unveiled that Ethereum (ETH) top wallets are also hungry, active and show no signs of interest in a sell-off.