Bitcoin has broken through the $30000 price range, and on chain data shows that whales have experienced some large-scale loss in the past day.

Bitcoin Whale has caused many foreign exchange trading outflows today

According to information from the analysis of enterprise Santiment on the chain, 11 extremely large BTC assets were discharged from the exchange today. The relevant indicator here is the "balance of total foreign exchange trading flow", which considers the net income of Bitcoin entering or exiting all centralized exchange portfolios.

When an indicator value is positive, it means that there is now a net amount of coins transferred to this software. Because investors are likely to use exchanges as one of the main reasons for selling, such trends may cause bullish harm to prices.

On the other hand, the negative number of this indicator indicates that the holder is currently obtaining a certain amount of digital currency from the exchange. This trend may be a sign of investor accumulation.

Now, here is a data chart that shows the trend of balanced total Bitcoin trading traffic in the past day:

As shown in the figure, the total traffic balance of Bitcoin trading has shown a significant negative peak in the past day. The largest and highest value among them comes from 8 simultaneous transactions, each with 2000 Bitcoins.

After an hour of eight buying and selling transactions here, three simultaneous transfers were made, each with a transfer of 2000 BTC. This means that with this capital outflow, a total of 22000 BTC (currently valued at approximately $661 million) has exited the exchange.

This sudden and significant capital outflow may be a sign of many whale purchases. In addition, this opportunity is likely to indicate that this type of purchasing pressure may be the reason for the significant bull market in digital currencies that has occurred today. Since June 2022, digital currencies have broken through the $30000 price level for the first time.

The information on the transaction volume of Bitcoin also shows an increase in the level, which may indicate that such market prices are now sustainable.

The figure also shows the information of the "detailed address of the theme activity", which is the only detailed daily number of addresses that consider participating in some trading activities on the Bitcoin blockchain.

Although the price has skyrocketed significantly, this indicator seems to have not shown any significant increase in the past day. This may further confirm that the skyrocketing prices were driven by the significant fluctuations of a very few whales today.

From a historical perspective, high participation by general investors has always been accompanied by long-term price adjustments. Therefore, although the current trading volume is likely to be sufficient to promote price spikes, it is uncertain whether this trend can closely follow if the detailed address of activity remains low.

BTC Price

At the time of writing, the transaction price of Bitcoin was approximately $30000, which increased by 6% last week.