Bitcoin (BTC) is flexing its muscles again, rising over 5% from yesterday’s lows as whale activity picks up.
At the same time, an innovative new platform called Bitcoin Minetrix (BTCMTX) has seen its ongoing presale pass $12.6 million ahead of its first exchange listing in the coming weeks.
Bitcoin Nears All-Time High as Buyer Demand Intensifies
BTC is heating up again, with the flagship crypto trading around $70,200 after a sharp rally from yesterday’s lows.
The latest upswing has enabled BTC to clear a key resistance level around $68,500 that had been capping gains over the past week.
With this level cleared, Bitcoin now finds itself almost at all-time highs above $73,000 – needing to rally only 5% further to revisit them.
The revived bullish momentum has been accompanied by an uptick in trading volumes, with over $41 billion worth of BTC changing hands across spot exchanges in the past 24 hours.
Investors’ resurgent appetite for Bitcoin exposure is also reflected in the latest readings from the Crypto Fear & Greed Index, which has pushed deep into “Extreme Greed” territory at 81.
This suggests that speculative buying is currently taking over the market.
Adding fuel to the fire are the latest spot BTC ETF flows, which have turned green again after five days of outflows.
With big money now firmly back on the buy side, Bitcoin may have a clear runway to challenge its record valuation very soon.
$6 Billion Whale Movement Puts Investors on High Alert
Bitcoin’s rally coincides with some major movements from crypto’s biggest players.
On-chain data revealed that the entity controlling the 5th largest Bitcoin wallet transferred a staggering $6 billion worth of BTC to three new addresses yesterday.
According to blockchain intelligence firm Arkham, the whale moved its entire holding of 94,500 BTC in a series of transactions – representing one of the largest individual wealth transfers in history.
The recipients were newly created wallets, suggesting the whale could be redistributing funds to fresh addresses for enhanced security.
While such massive transactions from high-net-worth players are not uncommon, they often capture retail investors’ attention.
As such, some investors are interpreting this whale’s transfer as a bullish signal since there was no immediate sell pressure afterward.
Instead, Bitcoin’s price has only accelerated post-transfer.
Whether the whale was simply positioning funds or gearing up for more accumulation remains to be seen, but their calculated moves have undoubtedly turned heads in the crypto market.
Bitcoin Minetrix Presale Surges Past $12.6m Thanks to Stake-to-Mine Hype
Notably, the market’s bullish momentum isn’t limited to just Bitcoin.
The bullishness is also providing a tailwind for Bitcoin Minetrix, one of the latest blockchain projects to have its moment in the spotlight.
Bitcoin Minetrix is a new platform that aims to democratize Bitcoin mining through a “Stake-to-Mine” mechanism powered by Ethereum smart contracts.
Rather than dealing with expensive hardware and high electricity costs, Bitcoin Minetrix allows users to simply purchase and stake BTCMTX tokens.
In return, users will earn cloud mining credits redeemable for real BTC rewards.
This streamlined process for participating in the crypto mining process has resonated with investors.
Bitcoin Minetrix’s ongoing presale has now raised a staggering $12.6 million from backers eager to get in early.
While no official exchange listing date has been announced yet, the presale’s hard cap is set at $32 million, meaning prospective investors still have plenty of room to participate.
Looking ahead, Bitcoin Minetrix’s whitepaper has outlined ambitious plans to drive mainstream adoption.
These include partnering with leading cloud mining entities and developing a Stake-to-Mine mobile app.
With Bitcoin Minetrix also having undergone a smart contract audit from Coinsult, the project is ticking all the right boxes when it comes to building credibility.
And given that the next halving event is now just weeks away, Bitcoin Minetrix looks perfectly positioned to capitalize on heightened demand for mining opportunities.
