The recent dip in the Bitcoin value below the $50,000 mark on August 5 and 6 sent anxiety through the market. However, while many investors were gripped by panic, seasoned market players saw this as an opportunity. According to the on-chain data, Bitcoin whale transactions reached their highest levels since early April.
Amidst this development, PawFury is emerging as a presale project to watch, promising high returns with seemingly predictable patterns, standing out in the volatile crypto landscape. Yet the volatility of the market poses a shadow of unpredictability.
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Bitcoin Whale Activity Suggests Adoption Growing
Data analysis platform Santiment noted that during this downtrend, Bitcoin saw 5,738 transactions worth over $1 million and 28,319 transactions worth over $100,000.
Moreover, the trend of accumulating Bitcoin wasn’t limited to just a few days. Over the past month, long-term Bitcoin holder addresses have increased their holdings by 404,000 BTC, equivalent to over $23 billion. This figure includes 40,000 BTC accumulated through spot Bitcoin ETFs. However, it is important to note that the accumulation through ETFs did not happen during the latest dip, as these investment funds saw an aggregate outflow of $554 million between August 2 and 6.
Source: TradingView
CryptoQuant CEO Ki Young Ju finds these figures as a clear sign of massive accumulation during this prolonged month-long correction period. Moreover, there is no major selling pressure from older Bitcoin whales—those who have held BTC for over three years, as they sold their holdings to new whales between March and June.
Meanwhile, data by CryptoQuant reveals that Bitcoin supply on centralized exchange platforms is also at a multi-year low. Whales with over 1,000 BTC have been withdrawing their assets from exchanges at the highest rate since 2015. This trend towards self-custody suggests a low intention to sell, suggesting that more long-term investors are interested in the largest cryptocurrency.
Despite this recovery, BitMEX co-founder Arthur Hayes suggests that the cryptocurrency market will see another wave of downfall in the coming days. Additionally, Wednesday’s Ethereum sell-off by Jump Trading can potentially result in higher selling pressure.
Conclusion
Bitcoin transaction volume spike shows that there are still positive sentiments on the leading coin despite the market downturn. Pawfury stands out among these options with its lucrative presale, low entry cost, and 10% bonus, investors must do their own research and due diligence. Thoroughly evaluating the risks, understanding market conditions, and considering individual financial situations will help ensure well-informed investment decisions.
