AssetsApr 13, 2023

Whales' movements boosting Bitcoin's rise

According to a well-known analytical company, the huge movements of large investors may be one of the reasons why the oldest cryptocurrency is on the rise.

A few days ago, cryptocurrency market experts from Santiment observed 11 different Bitcoin transfers with a total value of more than $655 million. This happened when the BTC price began to approach the psychological level of $30,000 per coin. Analysts of the digital currency sector have linked large whale movements in the market of the king of cryptocurrency with increases in its chart. In their opinion, this increase could have been a catalyst for an upward rally on Bitcoin.

Whale movements coincide with Bitcoin's surge: possible catalyst for growth

According to experts from a well-known analytics company, the significant movements of large BTC holders, which took place before Bitcoin's rise above the $30,000 line, may have been one of the reasons why this cryptocurrency began to grow.

On April 10 this year, analysts from Santiment noticed as many as 11 different BTC transfers with a total value of over $655 million. It was then that the leading virtual currency began the process of approaching price levels not seen in the charts for a long time.

Analyzing a number of whale activities, experts concluded that the mass movements of whales could have been an effective catalyst for Bitcoin's rocket rally. Moreover, the transfers referred to above were of equal value. It is worth adding here that they went to completely different cryptographic addresses.

In particular, the analysts emphasized that 8 transfers took place simultaneously at 17:28 UTC, and the remaining 3 occurred at 18:25 UTC, which in their opinion cannot be a coincidence. In addition, it was also noted that at the same time when the aforementioned cryptocurrency transactions took place, there was a large outflow of Bitcoins from cryptocurrency exchanges. Santiment consequently concluded that whales may have transferred their BTC outside of these types of platforms.

Retail investors sustain increases in Bitcoin

In the opinion of cryptocurrency sector analysts, smaller Bitcoin investors are able to make it continue the upward rally that was started by whales. However, BTC address activity was relatively low on Monday. Experts therefore concluded that the 11 transfers mentioned above could have had a lot to do with the leading cryptocurrency crossing the line of $ 30,000 per coin.

Widespread euphoria among retail investors was further fueled by the large amount of mention of BTC price increases on social media. Investors continue to be greedy, according to an indicator from the platform measuring sentiment in the cryptocurrency market.