Bitcoin whales most active in 3 months as BTC hits $30,000.

Bitcoin’s largest holders, known as whales, have recently become very active on the blockchain as the cryptocurrency has surpassed $30,000. On-chain analytics firm Santiment reported that 259 whale transactions took place two hours after the recent high for the asset. The “whale transaction count” measures the number of Bitcoin transactions worth at least $1 million and is an indicator of the whales’ activity. When the whale transaction count is high, it implies that there is a high amount of large transactions taking place on the network, suggesting that the whales are highly active at the moment. This can cause noticeable fluctuations in Bitcoin’s price and make it more prone to high volatility. The chart shows a huge spike in the Bitcoin whale transaction count over the past day, with 259 transactions being the most in over three months. The implication of this spike on the price of the asset can be either way, as the metric merely counts the pure number of whale transactions happening on the blockchain and contains no information about whether the transfers have been made for buying or selling purposes. Nonetheless, additional context like the prevailing price trend can perhaps help us guess better about what these whales intended to achieve with these large transactions. As the spike in the indicator came just after the BTC top, it’s possible that the whales were looking to sell before the asset saw a further decline. The price continued to go downhill following these transfers, hinting that at least some selling did take place. However, Bitcoin has already recovered back above the $30,000 level, suggesting that the market was able to absorb the selling just fine. As of writing, Bitcoin is trading around $30,100, up 21% in the last week.