Bitcoin’s Bullish Prospects Soar: Surge in Whale Wallets Sparks Optimism!

Bits Logics Team . 14th Oct 2023
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  • Santiment has reported a historic rise in large Bitcoin wallets since February 2022.
  • Over the past 20 months, there has been a remarkable increase of 8.12%, with 11,806 more addresses now holding at least 10 BTC.
  • Recently, BTC’s trading volume has seen a remarkable uptick, reaching $13,968,441,358 after a surge of 55.95%

In a significant development, market analytics platform Santiment has reported a historic rise in large Bitcoin wallets since February 2022. Over the past 20 months, there has been a remarkable increase of 8.12%, with 11,806 more addresses now holding at least 10 BTC. This surge suggests growing confidence among whales and sharks in Bitcoin, indicating a positive outlook for the cryptocurrency’s future performance. 

Despite recent fluctuations, Bitcoin (BTC) stands strong at a price of $26,864.30, experiencing a slight surge of 0.19% in a single day, according to CoinMarketCap. However, the past week presented a bearish sentiment, with BTC witnessing a 3.92% fall. The cryptocurrency’s market capitalisation remains robust at $524,207,343,542.

Notably, Bitcoin’s trading volume has seen a remarkable uptick, reaching $13,968,441,358 after a surge of 55.95%. This surge in trading activity indicates a high level of buyer interest. If this momentum continues, there is a potential for a bullish sentiment to dominate the market in the coming week.

BTC 7-day Chart (Source: CoinMarketCap)

Investors and enthusiasts are keeping a close watch on these developments, speculating on the future movements of Bitcoin. While several are hoping for BTC to surge beyond $30K, there are several analytics platforms reporting that traders are currently holding the BTCs in their wallets. 

This could indicate that diverse investors and crypto enthusiasts expect BTC to show an exceptional performance over the next few years, especially next year as everyone is waiting for the next BTC halving event. Moreover, with increased activity among large wallets and a surge in trading volume, the cryptocurrency market appears poised for exciting shifts over the coming weeks as well.  

Disclaimer: The information and analysis are intended for informational purposes only. All views and opinions expressed should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research before making any investment decisions. Any actions taken based on the information presented by BitsLogic are at the reader’s own risk. The author or any affiliated parties shall not be held liable for any direct or indirect damages or losses resulting from such actions.