Although the source of the recent rise in Bitcoin price has not been determined yet, analysts of crypto analysis company Santiment may have caught a clue.
As we reported as Bitcoinsistemi.com, the BTC price recently exceeded $ 29,000.
Big whale movements were seen on the Bitcoin network today, with the Bitcoin price about to exceed $30,000 for the first time since June.
Santiment Analysts Point to Simultaneous Huge Whale Transfers for the Source of Bitcoin's Rise
A total of 11 separate 22 thousand BTC (total 655 million dollars) was transferred in two simultaneous groups. The first 11 of these were the same size as 2,000 BTC and were all sent to entirely new addresses.
8 of them occurred simultaneously at 20:28. The other 3 took place simultaneously at 21:25. According to analysts, this is definitely not normal behavior. And to give a perspective on how big these movements are, a total of 22,000 BTC corresponds to $655 million at the time of this writing.
While we can't say with certainty whether these transactions are linked to each other, we can see that there were large stock market outflow spikes around the time these two bundles of transactions occurred. This shows that these addresses have been moved from existing in-exchange addresses to new non-exchange addresses.
Santiment analysts also evaluated the sustainability of the current rally. According to analysts, the rally in question seems sustainable when looking at the trading volume.
However, according to analysts, we can see that the address activity was quite modest throughout Monday. So this adds to the theory that these 11 major Bitcoin transactions have a lot to do with approaching the enthusiastic $30,000 level.
*Not investment advice.
