Friday, May 20, 2022
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

- Advertisement -

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.


- Advertisement -


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 Brown
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.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Bill Gates Says He Is Not Invested In Crypto Because It is Valueless to Society 

The former world's richest person does not have any love for crypto. Bill Gates, the co-founder of popular tech company Microsoft disclosed that he does...

Binance CEO Says UST and LUNA Crash Could Have Been Avoided If Terra Used Its Bitcoin Reserve Earlier 

CZ is still not happy with the way Terra handled last week’s situation as he believes the crash could have been avoided if the...

Tether CTO: LUNA And UST Were Flawed In Design But Not A Rug Pull

The team at Terra has been struggling to save LUNA and UST after a sudden crash that sent the price of LUNA spilling down...

Two Major Indicators Suggest Bitcoin (BTC) Possible Price Rebound Above $35,000 

There is a likelihood that Bitcoin's price will rebound soon as it currently sits around major support levels.   Following last week’s market turmoil that...

Majority Of Terra Community Wants New Luna Chain Without UST

The Terra community has been deliberating on the way forward after the crypto lost over 95% of its ATH value. Many in the crypto...

Can Crypto Payments Finally Take Off?

Helio, the Web3 payments company, launched its beta this week to offer a much-needed path for faster adoption of crypto payments. Its complete Web3...

Terra Amends Terra 2.0 Proposal To Accommodate Community Feedback

A few days ago, the Terra team, led by Do Kwon, made a proposal to the community to fork LUNA and create a new...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.