2023-11-16 17:35 |
Quick Take
A noticeable resurgence of whale activity, involving transactions of $10 million or more, has been observed in the entity-adjusted relative on-chain volume breakdown.
The volume of these large-scale transactions recently breached the 30% mark of all transactions, an occurrence only seen once this year during a brief period in October. Currently, in 2023, Bitcoin has rebounded with an impressive 120% increase year to date, restoring confidence within the market.
Transfer Volume breakdown by size; (Source: Glassnode)In addition, the aggregated volume of transactions ranging from $100k to $1M stands at 24%, while that of $1M to $10M is at 28%. These figures are nearing the peak seen during the bull market of 2021, emphasizing that these high-value transactions, or ‘whale’ activities, are an integral part of the Bitcoin network’s financial ecosystem.
Volume Size % Volume $0 to $1K 2% Volume $1K to $10K 4% Volume $10k to $100K 12% Volume $100k to $1M 24% Volume $1M to $10M 28% Volume $10M or more 30%Source: Glassnode
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