Bitcoin network activity is surging as trading volumes by large investors, also known as whales, surge to new highs amid a recent increase in market confidence. Compared to the trading volume of the past few days, the increase is significant as the price of the crypto asset has begun to recover from the lows.

Bitcoin whale trading volume hits all-time high

According to market intelligence and on-chain data platform Santiment, Bitcoin whale trading volume has increased significantly over the past day, hitting a new high, indicating an increase in activity from large holders. Specifically, the surge is the highest level in 10 weeks.

Data from Santiment shows that the network saw some 11,697 whale transactions exceeding $100,000, a level not seen since the Japanese stock market crash on Aug. 4 that sent the entire market tumbling.

The increase in large transactions suggests that major investors are either strategically moving or acquiring large amounts of BTC amid recent market changes in order to position themselves for significant price increases in the coming months.

As the price of Bitcoin continues to rebound, investors and traders are closely watching these large transactions as the development could signal a critical moment in the direction of the Bitcoin market in the short term.

The platform also highlighted that with the increase in whale transactions, social media discussions have also shifted significantly towards Bitcoin. Santiment said that discussions about BTC on social media platforms have surpassed discussions about altcoins, reflecting its position as the industry's leading crypto asset.

For the first time since July 27, Bitcoin accounted for about 25.5% of social media discussions about crypto assets. The sharp increase was attributed to BTC’s breakthrough of the $68,000 level in the past two months, with investors betting on the digital asset.

While these developments are viewed as bullish indicators, Santiment claims that they are signs that heightened public FOMO and profit-taking by key stakeholders could put the next leg of gains on hold. However, any price decline from here on out is likely to be short-lived as long as medium- and long-term indicators remain positive.

Will this bull market surpass previous ones?

As investors look forward to Bitcoin’s next rally, cryptocurrency expert and trader Ether Nasyonal predicts that BTC could outperform past bull runs in this one. Nasyonal made the bold prediction after citing an upcoming magic candle formation on BTC’s monthly chart and an extended accumulation period.

The expert compared Bitcoin’s current accumulation phase to previous cycles such as 2016 and 2020, stressing that the phases of this cycle “last longer.” Therefore, Nasyonal believes that the next parabolic wave could be “more epic” because a longer accumulation period means that BTC could see a bigger bull run.