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Bitcoin (BTC) has witnessed significant falls over the past month. With the many BTC-related exchange-traded funds (ETF) filings, the digital gold broke the $30,000 barrier while taking the broader market in green.
Data shows that the current bull run gained traction as the bitcoin whale transactions reached three-month highs. According to data provided by the market intelligence platform Santiment, whales have moved 259 transactions worth at least $1 million each.
🐳 #Bitcoin's whale transactions hit its highest hour in over 3 months, as 259 transactions exceeding $1M in value occurred on the $BTC network just 2 hours after its price exceeded $30.6k. Volume likely needs to continue rising to justify more growth. https://t.co/N5jkXCws6R pic.twitter.com/DrFo4avE0a
— Santiment (@santimentfeed) June 21, 2023
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Per Santiment, the transactions came around two hours after the bitcoin price surpassed $30,600. The market intelligence platform says the whale activity hit a three-month high, and the flagship crypto asset still has a high chance to rise.
Bitcoin is up by 4.2% in the past 24 hours and trading at $30,162 at the time of writing. The asset’s 24-hour trading volume has also risen by 20% and currently stands at the $30 billion.
Moreover, the bull run comes as the short-term holders raise their wallets. According to data provided by Glassnode, the number of bitcoins that have been HODLing between one and three months is down to 1,450,066.708 BTC, marking a one-month low.
📉 #Bitcoin $BTC Amount of Supply Last Active 1m-3m (1d MA) just reached a 1-month low of 1,450,066.708 BTC
— glassnode alerts (@glassnodealerts) June 22, 2023
View metric:https://t.co/zuEFeQYl2M pic.twitter.com/e9KV1LeOin
The amount of the short-term held BTC reached a local top on June 14 when the asset plunged to around $24,800.
Furthermore, the marketwide bull run comes a week after the popular asset manager BlackRock partnered with Coinbase custody to file for a BTC ETF. Per a report on June 15, the company is worth more than $9 trillion.
Following BlackRock, investment and asset management companies have been considering bitcoin ETFs. Invesco, WisdomTree and Fidelity have also considered entering the crypto markets.
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