Bitcoin Whales Go Wild: Large Transactions Surge

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Bitcoin transaction volume exceeded $100,000, the largest increase in the past two years.

Ali Martinez, a well-known cryptocurrency analyst, said that the 16,900 large transactions on January 4 can be used as an indicator of whale activity in the Bitcoin market, providing a valuable perspective on Bitcoin’s market position and the impact of these transactions. The potential position of influential players in the cryptocurrency market.

Bitcoin whales are on the move

The increase in large transactions coincides with a period of increased volatility across the cryptocurrency market. Bitcoin also saw a sharp decline, largely caused by Matrixport’s report and an increase in leverage levels in the market.

However, the main asset has recovered and is trading near $43,626 at the time of writing.

In the past 24 hours, #bitcoin Experienced the largest increase in trading volume over $100,000 in the past two years.

16,900 large transactions are available as Bitcoin USD Whale activity, providing insights into how these key players are positioned #cryptocurrency Market. Market. pic.twitter.com/CCnaoBOK0F

— Ali (@ali_charts) January 5, 2024

Interestingly, this milestone occurs one day after the 15th anniversary of Bitcoin’s first transaction block on January 3, 2009. The genesis block included a 50 BTC subsidy at the time, equivalent to $2.1 million at current prices.

Bitcoin predictions

Several industry players have submitted proposals to the U.S. Securities and Exchange Commission (SEC) to approve the launch of a Bitcoin spot ETF in the United States, a product that is expected to usher in an institutional investment boom.

However, securities regulators have previously rejected all applications, but that may be about to change. During this period of uncertainty, investors are anxiously watching market trends.

The SEC’s approval is widely expected to trigger a surge in Bitcoin prices on the back of an expected surge in demand. Analysts predict that Bitcoin could reach $75,000 if this major regulatory hurdle is overcome.

On the other hand, BitMEX’s Arthur Hayes predicts a correction if the expected launch of a US-listed spot Bitcoin ETF suggests that fiat inflows into these products could push BTC prices above $60,000, approaching new all-time highs in 2021 near $60,000 Dollar. $70,000.

He also highlighted the possibility of a larger correction, ranging between 30% and 40%, which he attributed to a “potential decline in U.S. dollar liquidity.”