Bitcoin turns green as large whales make moves

Bitcoin (BTC) has witnessed high volatility over the past month, but with the current whale movements, the flagship cryptocurrency gained a bullish moment.

According to data from Santiment, Bitcoin whale transactions, consisting of at least $1 million worth of BTC, saw a sudden rise over the past 24 hours. Data suggests that the whale transaction count rose from 1,013 on Aug. 7 to 1,579 at the time of writing.

BTC price, whale transactions, MVRV ratio, and active addresses | Source: Santiment

While the rise in whale activity usually suggests high volatility, the number of active Bitcoin addresses reached a 26-day low of 18.23 million, per the market intelligence platform.

The active wallet count is still up by around 240,000 over the past 30 days when BTC traded at $30,250.

Moreover, another indicator, the Market Value to Realized Value (MVRV) ratio, suggests that Bitcoin is currently undervalued by 1.6%. Per Santiment’s data, the flagship cryptocurrency must reach the $29,600 mark to hold its real value.

Bitcoin is up by 0.4% in the past 24 hours and trading at around $29,150 at the time of writing. The bullish momentum comes as the asset’s 24-hour trading volume spiked by 65%, reaching $13.63 billion.

Historically, Bitcoin’s movement in the green spot has usually brought the broader crypto market to the bull spot. With BTC’s upward acceleration, the global cryptocurrency market capitalization rose by 0.35%, surpassing $1.163 trillion, per CoinMarketCap (CMC).

According to a report on Aug. 5, the Bitcoin price must surpass the $100,000 mark for BTC miners to stay profitable in 2024. The analysis comes while BTC’s price fell four times below the $29,000 mark over the past month.

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