BTC Maintains 16.87% Spike Despite Slight Retracement and 19K Whale Transfer

PeckShieldAlert, a blockchain security team, recently reported that a whale who held 19,000 BTC for 11 months had moved these Bitcoins to a new address. The 19,000 BTC was valued approximately at $317.84 million back on November 18, 2022; however, the blockchain security team claimed that the transferred Bitcoins would be worth around $649.63 million at the reported time.

#PeckShieldAlert A $BTC whale who has held 19K $BTC for ~11 months (valued at $317.84M on Nov. 18, 2022) has moved these $BTC to a new address, now worth ~$649.63M pic.twitter.com/qi4nNt65ks

— PeckShieldAlert (@PeckShieldAlert) October 27, 2023

BTC’s recent surge created a positive sentiment among traders and investors. In fact, BTC’s spike also caused the altcoin market to experience massive bullish sentiment over a few days as several digital assets crossed their resistance levels. Santiment, a market analytics platform, observed that several crypto’s top assets had the biggest days of whale activity since June or July.

Looking at the chart, it seems that Bitcoin observed a 20% surge in seven days regarding its whale activity, transactions that are above $100,000. Santiment also notified that Bitcoin witnessed 14,833 whale transactions which happened in one day and were highlighted the most since June’s ETF news.

🐳 Several of #crypto’s top assets just had their biggest days of whale activity since June or July. #Bitcoin’s 14,833 $100K+ transactions in 1 day was the most since June’s #ETF news. Keep an eye on the increased #Ethereum & #Cardano engagement as well. https://t.co/vX2xGsFI7k pic.twitter.com/BWOZX686Mg

— Santiment (@santimentfeed) October 25, 2023

Looking at Santiment’s chart, it seems that Bitcoin experienced a 20% surge in whale activity, with transactions exceeding $100,000, over the course of seven days. Santiment also reported that Bitcoin had 14,833 whale transactions in a single day, marking the highest number since the ETF news in June.

BTC, according to CoinMarketCap, is valued at $34,186.66, after observing a magnificent spike over the week. Additionally, Bitcoin is still able to maintain a double-digit surge of 16.87% in seven days; however, it registered a fall of 1.21% in 24 hours. The slight fall that the king of cryptocurrency faces could be a sign of price correction after observing a massive overbought sentiment.

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