Santiment says that large Bitcoin holders, or those with 100 to 10,000 coins, have added 130,000 BTC to their wallets in the past four weeks.
“Bitcoin’s whales have remained busy and addresses holding between 100 and 10,000 BTC have just hit a combined record of 9.19 million coins held.
They have added another 170,000 BTC since May 22 and 130,000 BTC in the last 4 weeks alone.
The company notes that Bitcoin’s social and business volumes have skyrocketed recently, and chain address business has picked up.
“How did Bitcoin come back to $ 40,000 out of the blue? 3 of our top key indicators have all skyrocketed! Both social and trade volumes of BTC peaked at 5 weeks and address activity peaked at 3 weeks.
When this trio jumps in unison, usually good things happen.
Santiment is also tracking key events that may have sparked Bitcoin’s latest rally.
“Several major events impacted the price of Bitcoin this week. The rally began after a report that Amazon intends to accept BTC payments by the end of the year.
Then the news from Tether caused volatility, followed by Amazon which publicly denied crypto payment intentions.
The company also claims that the amount of unique BTCs in circulation is the highest since May.
“The amount of unique Bitcoin tokens in circulation has reached levels not seen since May. This is a big development given the stagnation of BTC so far this week.
This is one of our main price indicators that our community focuses on.
Santiment is closely monitoring the number of Bitcoins to and from crypto exchanges, which the company says has fluctuated. This week there was a big spike in Bitcoin’s inflow and outflow ratio, according to Santiment.
“Bitcoin is currently seeing wild patterns of coins moving on and off of exchanges. There was an entry and exit differential of +29,288 BTC in a single hour, which was the highest in 15 months.
Now we are seeing even larger foreign exchange exit differentials. “
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Image en vedette : Shutterstock/bekirevren/Tithi Luadthong