Bitcoin breaks the $30k mark as whales move in

2023-06-22 12:05:07

Bitcoin (BTC) has witnessed significant falls over the past month. With the many BTC-related exchange-traded funds (ETF) filings, the digital gold broke the $30,000 barrier while taking the broader market in green.

Data shows that the current bull run gained traction as the bitcoin whale transactions reached three-month highs. According to data provided by the market intelligence platform Santiment, whales have moved 259 transactions worth at least $1 million each.

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Binance unveils local crypto exchange in Kazakhstan Per Santiment, the transactions came around two hours after the bitcoin price surpassed $30,600. The market intelligence platform says the whale activity hit a three-month high, and the flagship crypto asset still has a high chance to rise.

Bitcoin is up by 4.2% in the past 24 hours and trading at $30,162 at the time of writing. The asset’s 24-hour trading volume has also risen by 20% and currently stands at the $30 billion.

BTC price – June 22 | Source: Trading ViewMoreover, the bull run comes as the short-term holders raise their wallets. According to data provided by Glassnode, the number of bitcoins that have been HODLing between one and three months is down to 1,450,066.708 BTC, marking a one-month low.

The amount of the short-term held BTC reached a local top on June 14 when the asset plunged to around $24,800.

Furthermore, the marketwide bull run comes a week after the popular asset manager BlackRock partnered with Coinbase custody to file for a BTC ETF. Per a report on June 15, the company is worth more than $9 trillion.

Following BlackRock, investment and asset management companies have been considering bitcoin ETFs. Invesco, WisdomTree and Fidelity have also considered entering the crypto markets.

Federal reserve chair Powell emphasizes need for strong oversight of US stablecoins

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