Skip to content

Bitcoin whale transactions soar to highest in over 3 months as price exceeds $30k

Bitcoin whale transactions soar to highest in over 3 months as price exceeds $30k

As Bitcoin (BTC) has finally managed to regain the psychological threshold at $30,000, pulling the majority of the cryptocurrency market up with it, the bullish recovery has led to a massive increase in large transactions of the flagship decentralized finance (DeFi) asset.

Specifically, as many as 259 transactions worth over $1 million took place on the Bitcoin network just two hours after it hit the $30,626 mark, according to the observations shared in a tweet by blockchain and crypto analytics platform Santiment on June 22.

As the platform’s team explained and exemplified with chart patterns, the volume of these whale transactions had at that time broken a recent record, having “hit their highest hour in over three months,” and that “volume likely needs to continue rising to justify more growth.”

Bitcoin whale transactions and volume. Source: Santiment

Bitcoin price analysis

Meanwhile, Bitcoin was at press time changing hands at the price of $30,167, which represents an increase of 4.40% in the last 24 hours and a more significant gain of 21.03% across the previous seven days, as it grew by 10.36% on its monthly chart.

Bitcoin 7-day price chart. Source: Finbold

Interestingly, crypto trading expert Michaël van de Poppe had earlier projected that the maiden cryptocurrency could continue to rise and experience a rally toward $38,000, considering it has held above the 200-week exponential moving average (EMA) and has “bounced firmly from that area.”

Thanks to such a massive run, driven by the news of multiple spot Bitcoin exchange-traded fund (ETF) applications by major companies, the largest digital asset has helped the general crypto sector increase its market capitalization by as much as $120 billion in a single week, as Finbold reported on June 21.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.