- Large transactions for Bitcoin and Ethereum increased by 80% and 170%, respectively.
- BTC and ETH have maintained their new price ranges despite declines.
The current upward trend of the crypto market has drawn the interest of large investors and institutions. As per a report from IntoTheBlock, there has been a significant rise in the volume of Bitcoin [BTC] and Ethereum [ETH] transactions exceeding $100,000.
Institutional and whale demand has picked up strongly, with Bitcoin seeing an 80% increase in the volume of transactions of over $100k, Ethereum 170%, and Polygon over 3,800% compared to 30 days ago. pic.twitter.com/ElM1CDZ3wA
— IntoTheBlock (@intotheblock) November 11, 2023
The data presented in the tweet above indicated an 80% increase for BTC and a 170% increase for ETH. This suggested a rise in demand from institutional and large-scale investors as the prices of BTC and ETH climbed.
The increased interest from these groups boosted transaction volume. Also, it held the potential to further influence the trend of prices.
An analysis of Bitcoin and Ethereum’s large transactions
AMBCrypto took a closer look at the Whale Transaction Counts for Bitcoin and Ethereum, which revealed increased activity for both coins. In the case of Ethereum, the chart for November showed consistent spikes in transactions, going over 1,900 on the 9th of November.
This metric rose to 1,400 on the 10th of November, a number last seen in August. As of this writing, the number was around 576.
Source: Santiment
Bitcoin’s chart for November indicated a similarly active period. Notably, large transactions have consistently exceeded 3,000 since around the 8th of November. It reached another peak on the 10th of November and maintained a level above 3,000 on the 11th of November.
As of press time, the count of Bitcoin transactions sat at around 582. This underscored the observations from IntoTheBlock, emphasizing the increased involvement of large wallets and institutional players in these markets.
Source: Santiment
BTC and ETH maintain newfound price ranges
As of this writing, Bitcoin was experiencing a decline of less than 1%, with its press time value hovering around $37,100. This followed a similar trend at the end of the trading session on the 11th of November, where it closed with a loss of less than 1%, at $37,228.
Fortunately, these setbacks were not enough to disrupt the king coin’s ongoing bullish trend. It maintained a position above its short-moving average at the time of publication, indicating a strong price movement.
Source: TradingView
Read Bitcoin’s [BTC] Price Prediction 2023-24
Likewise, Ethereum was also undergoing a slight loss of less than 1%, trading at around $2050 as of this writing. In the previous trading session, it incurred a loss of over 1%.
Nevertheless, ETH remained within a bullish trend, as evidenced by the Relative Strength Index (RSI) line.
