- According to the current metrics analyzed on Bitcoin, important criteria such as whale transactions and weekly price volatility have increased.
- Whale transactions, which include Bitcoin transactions worth at least 1 million dollars, have experienced a significant increase. These types of transactions are usually initiated by major institutional investors or high net worth individuals.
- Meanwhile, Bitcoin surpassed the $30,000 region and quickly dropped below it after the latest recovery. However, despite the drop, BTC is still holding above the $29,400 region.
Bitcoin price has rebounded after falling below $29,000 and surpassed $30,000 again, during which whale transactions in Bitcoin have increased.
Improvement Observed in Bitcoin Whale Transactions
According to the current metrics analyzed on Bitcoin, important criteria such as whale transactions and weekly price volatility have increased, indicating potential market sensitivity and activity changes.
According to Santiment data, whale transactions, which include Bitcoin transactions worth at least 1 million dollars, have experienced a significant increase. These types of transactions are usually initiated by major institutional investors or high net worth individuals. Due to the large amounts they hold, these transactions can have a significant impact on the market.
Between July 27 and August 1, there was a decrease in BTC whale transactions in the market. However, reasonable increases were observed in the number of whale transactions during the recent Bitcoin price recovery.
Another important metric to consider is Bitcoin’s price volatility, which measures price fluctuations over a specific time period.
On August 1, there was a sharp decrease in BTC’s weekly price volatility, and BTC dropped below $29,000. Interestingly, during this decrease in weekly price volatility, Bitcoin experienced a significant increase in daily volatility.
However, after the subsequent price recovery, weekly volatility increased again. High volatility generally indicates increased uncertainty and can lead to rapid changes in market sensitivity.
These metrics can be signals for possible price movements in the future
The interaction between whale transactions and volatility can significantly influence the direction of the market. Whale transactions accompanied by increased volatility can indicate potential larger price movements in the near future.
Although the current metrics have not yet reached the high levels observed between July 24 and 27 in a 24-hour time period, they indicate an ongoing increase in market activity.
Meanwhile, Bitcoin surpassed the $30,000 region and quickly dropped below it after the latest recovery. However, despite the drop, BTC is still holding above the $29,400 region and is currently trading at $29,490. The asset is trying to take advantage of this position for the next $30,000 transaction.
