- IntoTheBlock data reveals that bigger transactions containing a minimum of $100,000 worth of Bitcoin dropped from 32,000 to 19,500, starting from November 21 to November 24.
- The crypto market cap over the globe dropped 2.3% in the same time period and is now standing at $3.47 billion.
- On November 24, Regardless of decreasing whale transactions, the large holder net flow of Bitcoin went from a net outflow of 9,190 BTC to a net inflow of 4,090 BTC, as per IntoTheBlock data.
In the past week, Bitcoin has witnessed a net outflow of $6 billion. Only on November 19, $3.9 billion in net outflow has been recorded. IntoTheBlock, a blockchain and cryptocurrency market analytics platform has reported that a significant all-time high of Bitcoin, $99,655 was recorded on November 23.
There are various reasons leading Bitcoin near to $100,000 mark and the weekly net inflow of about $3.38 billion into spot BTC exchange-traded funds in the United States is one of them. At the same time, the whale activity revolving around Bitcoin was initiated to calm down before the price attained its all-time high.
What does the data say?
IntoTheBlock data further reveals that bigger transactions containing a minimum of $100,000 worth of Bitcoin dropped from 32,000 to 19,500, starting from November 21 to November 24. In the same time period, the volume dropped from $136.4 billion to $53.6 billion.
In the week starting from November 18, Bitcoin witnessed a whopping $243.67 billion in whale transactions. The data clearly shows that retail investors are more active as compared to large holders. On November 24, Regardless of decreasing whale transactions, the large holder net flow of Bitcoin went from a net outflow of 9,190 BTC to a net inflow of 4,090 BTC, as per IntoTheBlock data.
An increase in whale accumulation could potentially give a threshold to the fear of leaving among market participants. A growth over the $100,000 mark could also give a surge to the buying pressure among both small and large Bitcoin holders.
Bitcoin will soon cross $100,000
Bitcoin has been consolidating close to the $98,000 mark in the last 24 hours. And, at the press time, it is trading at $98,609. In the past 24 hours, the daily trading volume recorded a surge of 27%, making it reach $55 billion.
The crypto market cap over the globe dropped 2.3% in the same time period and is now standing at $3.47 billion. Adding more to this, liquidations went to $494 million as BTC slipped down from the $98,000 mark today. This event caused a market-wide declination and has also affected small-cap altcoins.
Now, the speculations of market analysts for Bitcoin to cross $100,000 before year-end seem to be true. And now, many predictions hover around that this could potentially be possible before the onset of the next month.
