Large-scale Bitcoin whales transactions signal a bottom, on-chain data shows
2022/02/26 10:30According to Finbold, following Russia’s invasion of Ukraine on Thursday, Bitcoin (BTC) fell below the $35,000 mark. Since then, however, the cryptocurrency has risen significantly, and it is presently trading around the $39,000 mark.
Notably, during this time, Bitcoin ‘whales’ made an enormous amount of transactions in this range as prices bottomed out, according to data from behavior analysis platform Santiment.
As a result, the number of transactions on the platform above $100,000 and $1 million has peaked at their highest level in a month; interestingly, Bitcoin whale transactions last reached their peak levels on January 24, just as prices were about to bottom out before rising once again.
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