The surge in Whale Transactions Pushes Bitcoin Price Up.
Bitcoin’s price has been ranging tightly in the last several weeks, but recently, there has been a spike in whale activities on the network. Crypto analysis platform Santiment says that there have been more than 1,000 BTC transactions within 1 hour, amounting to at least $100,000 worth of Bitcoin being moved.
“With Bitcoin‘s price still suppressed after dropping 7.4% this week, we’ve seen the largest spike in whale transactions in April. Between 4 pm & 5 pm UTC today, there were 1,146 BTC moves valued at $100k or more, and prices have inched up.”
🐳 With #Bitcoin's price still suppressed after dropping 7.4% this week, we've seen the largest spike in whale transactions so far in April. Between 4pm & 5pm UTC today, there were 1,146 $BTC moves valued at $100k or more, and prices have inched up since. https://t.co/gHlO6I2qyo pic.twitter.com/xWZJfNDfhe
— Santiment (@santimentfeed) April 7, 2022
This is the largest spike in Bitcoin whale transactions in April 2022. The Crypto Basic reported that Bitcoin Whales are starting to activate wallets that have been dormant for almost 13 years around this same period, making it a significant time.
Whale activity causes price surges.
A significant factor that determines Bitcoin’s price movement is the activity of whales. As a result of the substantial activity of whales recently, the price of Bitcoin, which has been down in the last 48 hours, started to inch upwards.
Other cryptocurrencies have started to follow suit as the crypto market’s direction mostly depends on Bitcoin’s direction. In the last 24 hours, the BTC price rose to $43,860 as the peak price due to the whale transactions, although it dropped to $43,489 at the time of writing this report.
Altcoins such as Solana, Avalanche, and Dogecoin have posed the most impressive gains, with Dogecoin leading at over a 4% increase in the last 24 hours.
Fear still dominant
Despite the whale activity and the relief rally experienced in the last few days, the sentiment for Bitcoin remains fearful. The Fear and Greed Index indicates fear at 37 currently. This clearly shows that this is just the beginning of the price rise, as fear means many have not gone bullish yet and are still waiting on the sidelines. Their entry is likely to push the price even higher eventually.
Bitcoin Fear and Greed Index is 37 — Fear
Current price: $43,382 pic.twitter.com/3c1m5R27qw
— Bitcoin Fear and Greed Index (@BitcoinFear) April 8, 2022
Bitcoin Supply On exchanges
Data also show thatsupply that has not moved in at least one year has reached a New All-Time High.
A new upward price trend always follows Once this metric breaks previous all-time highs.
Update: The #Bitcoin supply that has not moved in at least 1 year, just set a NEW All-Time High at 63.46%!
— Plan©️ (@TheRealPlanC) April 8, 2022