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Home Crypto News Market Santiment Data Shows Surge in Whale Transactions Helping Bitcoin Price To Recover

Santiment Data Shows Surge in Whale Transactions Helping Bitcoin Price To Recover

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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. 

Santiment writes:

“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.”

 

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 Supply On exchanges

Data also show that Bitcoin supply 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.

 

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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