During the cryptocurrency market downturn on August 5–6, Bitcoin whale transactions hit their highest level since April, according to data from Santiment.
? August 5th and 6th saw the highest level of Bitcoin whale transactions since the first week of April. According to the total holdings of wallets with 10 to 1,000 BTC, they rapidly accumulated on the price dip that saw crypto’s top asset fall below $50K. pic.twitter.com/wLG33tIV2k
— Santiment (@santimentfeed) August 7, 2024
On-chain analysts reported that during these days, wallets holding between 10 and 1,000 BTC were actively accumulating coins.
On the specified dates, there were 28,319 transactions involving BTC worth over $100,000 and 5,738 transactions exceeding $1 million.
Following this on-chain activity, the price of Bitcoin rebounded from $50,000 to the current $57,000.
According to CryptoQuant’s calculations, the balance of long-term investors’ wallets increased by 404,448 BTC ($23 billion) over the past 30 days.
ForkLog has gathered expert and market participant opinions on the future price prospects of the leading cryptocurrency.
Earlier, CryptoQuant analysts stated that Bitcoin had regained key support at $56,000, but uncertain trading suggests risks of a renewed downward trend.