The data shows that large transactions are predominant as whales are removing their coins. This indicates the increased maturity of Bitcoin as a macro asset.
Big transactions on the Bitcoin network are on the rise
According to a recent weekly report from Glasnod, large transactions on the BTC network are becoming increasingly influential, indicating that whales and institutional investors are showing growing interest in crypto.
The relevant indicator here is the total transfer volume breaking size (7-day moving average). This metric categorizes the total number of transactions that take place in the network based on the size of the transfer.
Here is a chart showing Bitcoin volume trends based on different transaction sizes:
Large transactions are growing dominant in the BTC market | Source: Glassnode
The graph above shows that trading volume has recently risen again since the sinking in June and has been low ever since. Such high volumes show that there is a lot of interest in this currency at the moment.
The chart contains a box that covers an area between $ 13.6 billion and .8 16.8 billion. This box highlights two regions of most sizes where values were near the all-time high (ATH).
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A closer look at the chart reveals the difference between the two peaks. Looks like transactions over 10 10 million have become increasingly influential recently, when it wasn’t at the time of the bull run in the first half of the year.
Such large transactions are whales, institutional investors, trading desks and other high value firms. These entities suggest moving around their currencies as Bitcoin has become more mature as a macro asset.
At the time of writing, the price of Bitcoin is around $ 49.9k, up 20% in the last seven days. In the last thirty days, the crypto price has lost 0.6%.
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The following chart shows the trend of currency prices in the last five days:
Bitcoin's price shows some uptrend after moving sideways for the past few days | Source: BTCUSD on TradingView
Over the past few days, BTC has moved in the most direction after taking the most drastic steps. That changed yesterday when the currency finally showed some movement and today the currency re-tested $ 50k.
At the moment, the currency is backing down a bit, but Bitcoin will probably continue to test the level in the next few days. It is not clear if the BTC will break the level any time soon, or if it will be low in the short term.
Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com