Bitcoin is witnessing a surge in network activity as large investor transactions, also known as whales, have skyrocketed significantly to new highs in light of recent broader market confidence. In comparison to the trading volume in the past few days, the growth is notable as the crypto asset’s price has started to recover from its lows.

Bitcoin Whales Transactions At A Record Level

According to market intelligence and on-chain data platform, Santiment, Bitcoin whale transactions have increased sharply in the last day to new highs, suggesting a rise in activity from large holders. Specifically, the surge marks its highest level in over 10 weeks.

Data from Santiment reported that the network saw about 11,697 whale transactions exceeding $100,000, a level not seen since Japan’s stock market crash on August 4, which led to a general market downswing.

The increase in high-volume transactions indicates that the major investors amid recent market shifts are either strategically transferring or acquiring large amounts of BTC in order to position themselves for a major price rally in the upcoming months.

As the price of Bitcoin continues to rebound, investors and traders are closely observing these large transactions since the development could indicate a pivotal moment in the direction of the BTC market in the short term.

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Author: Godspower Owie