Bitcoin whale activity is surging this week as BTC briefly tops $50,000, according to the crypto analytics firm Santiment.
Bitcoin passed the $50,000 benchmark on Thursday for the first time since mid-May, though it has since dropped in price and is trading at $48,938 at time of writing, according to CoinGecko.
Santiment says that whale transactions exceeding $100,000 have hit their highest level since late July.
The analytics firm says BTC’s surge past $50,000 has come with solid on-chain support as the asset hit its highest daily level of token circulation since late July.
Additionally, Santiment says Thursday was the first day there were more than 1 million addresses interacting on the BTC network in 2 months.
Blockchain analytics firm Glassnode also notes that Coinbase has seen a large outflow of Bitcoin after a period of moderate inflow following the May sell-off. Large cryptocurrency exchange outflows have traditionally been interpreted as bullish indicators, as traders move their coins away from exchanges.ADVERTISEMENT
Coinbase’s Bitcoin balance has shrunk to only 700,000 BTC – its lowest level since December 2017.
The largest crypto asset by market cap is up 2.6% on the week and more than 26% on the month, according to CoinGecko.