Recently, due to the recovery of market confidence, the trading volume of Bitcoin whales has increased significantly, reaching a new historical high. Data shows that in the past day, the number of whale transactions exceeding $100,000 reached 11,697, the highest level in more than ten weeks. This growth indicates that major holders are strategically shifting or acquiring Bitcoin to prepare for future price increases. At the same time, the discussion of Bitcoin on social media has also increased significantly, reflecting its dominant position in the cryptocurrency asset market. I believe that the current bull market may exceed previous cycles, and the market outlook is optimistic.
Given the recent broader market confidence, large investor trading (also known as whales) has surged to new highs, with a significant increase in Bitcoin network activity. Compared to the trading volume of the past few days, the growth is very significant as the prices of cryptocurrency assets begin to rebound from the lows.
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Bitcoin whale trading volume reaches a new high
Bitcoin whale trading has increased significantly in the last day, reaching a new high, indicating an increase in the activity of major holders. Specifically, this significant increase marks the highest level in more than ten weeks.
There are about 11,697 whale transactions exceeding $100,000 on the network, the highest level since the Japanese stock market crash on August 4 that led to a general market decline.
The increase in large-scale trading volume indicates that in the recent market changes, major investors are either strategically shifting or acquiring large amounts of Bitcoin to prepare for a significant price increase in the coming months.
As the price of Bitcoin continues to rebound, investors and traders are closely watching these large transactions, as this development may signal a critical moment in the direction of the Bitcoin market in the short term.
At the same time, with the increase in whale transactions, the significant change in social media discussion of Bitcoin. The discussion of BTC on social media platforms has surpassed Altcoins, reflecting its position as the leading cryptocurrency asset in the industry.
Since July 27, Bitcoin has occupied around 25.5% of the discussion of cryptocurrency assets on social media for the first time. This significant increase is attributed to BTC recently breaking through the $68,000 level of the past 2 months, with investors betting on this digital asset.
Although these developments are seen as bullish indicators, these signs indicate that the intensification of FOMO sentiment and the profit-taking of major stakeholders may postpone the next rebound. However, as long as the medium and long-term indicators remain positive, any price declines from now on are likely to be temporary.
Will this bull market outperform previous bull markets?
The current bull market cycle of BTC may outperform previous cycles.
Because the current accumulation phase of Bitcoin is "longer in duration" compared to previous cycles such as 2016 and 2020. Therefore, I believe the next parabolic wave may be "more epic", and the longer accumulation period indicates that BTC may experience a larger bull market.
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