News report:
In recent months, due to the recovery of market confidence, the trading volume of Bitcoin whales has increased significantly, reaching a historical high. Data shows that in the past day, there were 11,697 transactions of whale trades exceeding $100,000, the highest level in more than ten weeks. This growth indicates that large holders are strategically shifting or acquiring Bitcoin in preparation for future price increases. At the same time, there has been a significant increase in discussions about Bitcoin on social media, reflecting its dominant position in the cryptocurrency asset market. I believe that the current bull market may surpass previous cycles, and the market outlook is optimistic.
Given the recent broader market confidence, large-scale investor trading (also known as whales) has surged to new highs, and Bitcoin network activity has increased significantly as well. Compared to the trading volume of the past few days, the growth is particularly significant as the prices of cryptocurrency assets begin to rebound from lows.
Bitcoin whale trading volume reaches a historic high
Bitcoin whale trading has increased significantly in the past day, reaching a new high, indicating increased activity by large holders. Specifically, this surge marks the highest level in over ten weeks.
There were approximately 11,697 whale transactions on the network that exceeded $100,000, the highest level since the general market downturn caused by the collapse of the Japanese stock market on August 4.
The increase in large-volume transactions indicates that major investors are either strategically shifting or acquiring a large amount of Bitcoin to prepare for a significant price increase in the coming months.
As the Bitcoin price continues to rebound, investors and traders are closely monitoring these large transactions as they may indicate a crucial moment for the short-term direction of the Bitcoin market.
Meanwhile, with the increase in whale transactions, there has been a significant shift in social media discussions about Bitcoin. Discussions about BTC on social media platforms have surpassed those about altcoins, reflecting its position as the leading cryptocurrency asset in the industry.
Since July 27, Bitcoin has accounted for approximately 25.5% of social media discussions about cryptocurrency assets for the first time. This significant growth is attributed to BTC recently surpassing the $68,000 level of the past two months, with investors betting on this digital asset.
Although these developments are seen as bullish indicators, these signs suggest that intensified FOMO sentiment and profit-taking by major stakeholders may postpone the next rebound. However, as long as mid-term and long-term indicators remain positive, any price decline from now on could be temporary.
Will this bull market outperform previous ones?
The bull market of BTC in the current cycle may outperform previous cycles.
Because the current accumulation phase of Bitcoin is compared to previous cycles such as 2016 and 2020, it can be observed that the current phase of the cycle is “lasting longer.” Therefore, I believe that the next parabolic wave may be “more epic” as the longer accumulation period suggests that BTC may experience a larger bull market.