Bitcoin saw the largest surge in transactions exceeding $100,000 in almost two years.

According to prominent crypto analyst Ali Martinez, the 16,900 large transactions on January 4th can be used as an indicator of whale activity in the Bitcoin market, providing valuable perspectives on the potential positions of these influential participants in the crypto market.

Bitcoin’s Whales on The Move

The increase in transactions involving substantial amounts coincides with a period of increased volatility in the overall crypto market. Bitcoin also witnessed a massive plunge primarily triggered by a report from Matrixport, as well as heightened levels of leverage in the market.

However, the premier asset has since recovered and was trading close to $44,000.

In the past 24 hours, #Bitcoin experienced its largest spike in transactions over $100,000 in nearly two years.

The 16,900 large transactions serve as a proxy for $BTC whale activity, offering insights into how these major players might be positioned in the #crypto market. pic.twitter.com/CCnaoBOK0F

— Ali (@ali_charts) January 5, 2024

Interestingly, the milestone comes a day after the 15th anniversary of Bitcoin’s first-ever transaction block on January 3rd, 2009. The “genesis” block included a block subsidy of 50 BTC back then, which is equivalent to an impressive $2.1 million at current market prices.

Bitcoin Predictions

Several industry players have submitted proposals to the Securities and Exchange Commission (SEC) to approve a spot bitcoin ETF for the US, a product th