On Tuesday evening, December 5, Bitcoin registered an additional 5% rally with the BTC price shooting past $44,300. As of press time, BTC is trading at $43,744 with a market cap of $855 billion.
Bitcoin Whales Return to Buying
In recent updates from on-chain data provider Santiment, Bitcoin’s surge aligns closely with the activity of existing wallets holding 100 or more Bitcoins, showcasing a tight correlation with the price movement.
Following a significant drop-off observed on November 9th, the past four weeks have witnessed the return of 48 of these substantial whale wallets. The resurgence of these large wallets suggests renewed interest and activity among major players in the Bitcoin market, adding an additional layer of insight into the ongoing dynamics influencing the BTC price.
Courtesy: Santiment In the current bullish market, the spotlight is on spot-driven dynamics, as major derivatives data remains relatively stable. Futures premiums are holding at approximately 10%, while options implied volatilities (IVs) show modest gains, reports Greeks.Live.
The ongoing rally, coupled with news of an imminent ETF passage, underscores the health of this spot-driven bull market. With limited downside risks, it solidifies the notion that the bull market is not merely a transient phase but a sustained trend with enduring strength.
