Despite the sudden crash this Sunday that pushed Bitcoin down form its 2020 highs, the asset swiftly managed to recover back above the support at $11,200. Despite the shakeout, market sentiment has stayed bullish and demand for the number one cryptocurrency continues to grow especially amongst crypto whales.
Over the past 24 hours, multiple large BTC transactions have been spotted going in and out of exchanges by crypto trackers, hinting that the big players have placed their bets on the asset.
The biggest transaction that was recorded yesterday was worth more than $1 billion in BTC and saw 88,989 BTC move for less than $10 in fees.
The transaction was first marked by crypto tracker Bitcoin Block Bot, and the sending address for the transaction appears to be cold storage owned by Binance.
From the total amount, 68,101.56 BTC was sent to an unknown wallet, while the remaining 20,888 BTC was transferred to another Binance owned cold wallet.
The block explorer reveals that the 88,989 BTC stash first entered the exchange’s wallet on April 30th, and didn’t move until now.
Among other reported transactions, crypto tracker whale alert reported more than 3200 BTC in total, being transferred from different crypto exchanges to unknown wallets in the past 24 hours.
Increasing Demand for Bitcoin
The number of Bitcoin whales have been steadily on the rise since the halving event, and it recently hit a 3 year high as the number surpassed 1800, according to crypto research firm glassnode.
Furthermore, the firm recently reported that that the number of Bitcoin addresses holding a minimum of $1,000,000 USD worth of coins have also surged more than 38% to around 18000 wallets.
Overall, the growing demand for the number one cryptocurrency was also hinted by BTC trading volume on exchanges that surged over the past week.
Bitcoins bullish move over the past weeks saw the tokens trading volume increase three-folds on Coinbase, the largest U.S crypto exchange.
Binance subsidiary BinanceUS also reported that its bitcoin trading volume has hit an all-time high in the past week.
Other exchanges have also experienced a similar surge in interest as the momentum continues to build up.
The appetite for Bitcoin amongst institutional investors is also growing. Bitcoin futures saw an all-time high on August 1, as aggregated open interest hit $5.575 billion, surpassing the previous high at $5.369 billion.
Per market data, the Bitcoin futures market is being dominated by BitMEX, OKEx, Huobi and CME.
CME also reported recently that its cash-settled Bitcoin futures hit an all-time high of $724 million, surpassing the previous high around $532 million.
As of now, traders are expecting the upward rally to continue as BTC is entering a bullish reversal pattern that could help it break past the 11,800 resistance and reclaim its 2020 high above $12,000.
At press time, BTC is trading at $11,241 with market dominance down to 59.28%.