Some recent massive transactions by Bitcoin whales have sparked a debate in the crypto market that is whale awake and supporting the growing trend of the market. A similar incident has been reported by the Arkham Intelligence wallet of the Satoshi era who made a major transaction selling $9.7 million of BTC.  Â
As per available information notes the identified wallet is among the wallets that have earned that Bitcoin following the generation of the genesis block. Several such wallets have either swapped, transferred, or shifted their crypto holdings.Â
Even after the sale of a significant chunk of Bitcoin the wallet address still holds BTC Â million worth roughly $73 million.Â
An X profile named Whale Alert posted an hour ago that an anonymous wallet has transferred around 50,000,000 USDC to Binance. It is worth noting that the same amount of USDT (Tether) was transferred from an unknown wallet to Huobi.Â
Two hours ago an unidentified wallet transferred 2,300 Bitcoins to a new unknown wallet and another wallet transferred 1443 BTCs to an unnamed designation. Some whale wallets seem to be earning profits and others are shifting their holdings from one designation to another.  Â
On October 18, 2024, Lookonchain posted on X that a whale wallet had sold 199 Bitcoins the same wallet has allegedly sold the highest number of Bitcoins in the past few months.Â
According to data from Statista the circulating supply of Bitcoin has surged till Q3, 2024 it was 19.76 million from 19.60 million in January 2024. In January 2017 the BTC in circulation was 16.14 million which grew roughly 39% till the end of the past quarter of this year.Â
Is Giant Awakening Pushing Bitcoin Prices?
According to market experts, the whale awakening might be one of the reasons behind the surge in Bitcoin price but several other important reasons behind the launch of BTC spot ETF.Â
Another primary reason behind the spike in the price is the institutional buying from publicly traded companies of cryptocurrencies. Earlier today it was reported that a Japanese firm MetaPlanet has raised 10 billion yen by selling shares with the intent to boost its Bitcoin holdings and expand its portfolio of digital investment.Â
In terms of most Bitcoin holdings among publicly traded companies MicroStrategy owns the highest number of Bitcoin followed by Marathon Digital, and Core Scentif earlier Tesla was on the list but it recently moved its holdings or allegedly sold.Â
Since the beginning of this year, Bitcoin’s price has gained major traction, and its crucial market is at an all-time of roughly $73k. When writing it was trading at $66,954 adding 124.12% in the 52 weeks time frame. Â
However, BTC remains the second most traded crypto overruled by Tether (USDT) a known stablecoin with the third largest market capitalization in the broader market. Bitcoin has a market capitalization of $1.33 trillion making it the leader of the market. Â
