Surge In Bitcoin Activity: Whales Transactions Hit Latest Highs, Is A Bull Run Brewing?

Bitcoin is witnessing a surge in network activity as large investor transactions, also generally known as whales, have skyrocketed significantly to latest highs in light of recent broader market confidence. As compared to the trading volume up to now few days, the expansion is notable because the crypto asset’s price has began to recuperate from its lows.

Bitcoin Whales Transactions At A Record Level

According to market intelligence and on-chain data platform, Santiment, Bitcoin whale transactions have increased sharply within the last day to latest highs, suggesting an increase in activity from large holders. Specifically, the surge marks its highest level in over 10 weeks.

Data from Santiment reported that the network saw about 11,697 whale transactions exceeding $100,000, a level not seen since Japan’s stock market crash on August 4, which led to a general market downswing.

The rise in high-volume transactions indicates that the main investors amid recent market shifts are either strategically transferring or acquiring large amounts of BTC to be able to position themselves for a serious price rally within the upcoming months.

As the value of Bitcoin continues to rebound, investors and traders are closely observing these large transactions for the reason that development could indicate a pivotal moment within the direction of the BTC market within the short term.

Bitcoin whale transactions surge to the very best level in 10 weeks | Source: Santiment on X

The platform also highlighted a notable shift in social media discussions toward Bitcoin alongside the rise in whale transactions. Santiment stated that the conversations across social media platforms toward BTC have surpassed that of altcoins, reflecting its position because the leading crypto asset within the industry.

For the primary time since July 27, Bitcoin made up about 25.5% of the general social media discussion towards crypto assets. This substantial growth is attributed to BTC’s recent breakout from the $68,000 level within the last 2 months, with investors betting on the digital asset.

Despite these developments being seen as bullish indicators, Santiment claims that they’re signs that the heightened crowd FOMO and profit-taking by key stakeholders might be putting the following rally on hold. Nevertheless, any price fall from now would probably be transient so long as the mid-term and long-term metrics remain positive.

Will This Cycle Bull Run Outperform Previous Ones?

As investors anticipate the following rally for Bitcoin, crypto expert and trader, Ether Nasyonal has predicted that BTC’s bull run in the continued cycle might outperform past cycles. Nasyonal made the daring prediction after citing an impending god candle pattern on BTC‘s monthly chart and an prolonged accumulation period.

Comparing the present accumulation phase of Bitcoin with previous cycles corresponding to 2016 and 2020, the expert highlighted that this cycle’s phase has “lasted a bit longer.” Because of this, Nasyonal is confident that this next parabolic wave might be “more epic,” because an extended accumulation period suggests a possible larger bull run for BTC.