Bitcoin Whales In A Frenzy As BTC Transaction Volume Reaches One-Month High

Bitcoin BTC/USD has seen its blockchain reach higher-than-usual levels of activity as whales seemingly flee from the asset.

The seven-day moving average of Bitcoin's transaction volume reached a one-month high of $1,678.6 million on Nov. 7, per Glassnode data.

A heightened level of on-chain activity often coincides with significant market movements, such as an inflow or outflow of capital.

See Also: Is Bitcoin A Good Investment?

Bitcoin addresses holding at least 1,000 BTC (worth $20.75 million at the time of writing) also just reached a 2-year low of 2,107 on Nov. 7. Indicators showing growth and decreases in the number of whales (cryptospeak for large holders) are often considered particularly important. It's a way to evaluate the sentiment of institutional investors — typically regarded as significantly more knowledgeable than retail investors.

We have yet to see Bitcoin's bottom for this bear market, one crypto analyst said, predicting the next crypto bull market will happen in 2024.

Bitcoin's volume against the British pound doubled after the Bank of England decided to increase the interest rate by 0.75% — the biggest interest rate hike of the last 33 years.