Bitcoin sees $37.4B spike in single-day on-chain transactions, highest since March 12.
Dormant Bitcoin reenters the market, signaling potential bullish momentum ahead.
Whale activity suggests possible price swings, with $65K resistance level being crucial.
Bitcoin saw a big surge in on-chain transaction volume, with $37.4 billion worth of transactions happening on Tuesday. This is the highest on-chain volume since March 12, 2024. The spike, according to data from Santiment and Lookonchain, was caused by dormant Bitcoin coming back into circulation, especially from whales.
Referring to the Tuesday whale transaction highlighted by @lookonchain, our own metrics indicate a major spike in dormant activity on Bitcoin's network to pair with $37.4B in on-chain volume Tuesday, the most in 7 months. Historically, stagnant BTC moving back into regular… https://t.co/l0K5Df2FAM pic.twitter.com/iMnywyx1hs
— Santiment (@santimentfeed) October 9, 2024
The increase in transaction volume happened at the same time as a notable age-consumed spike. This indicator suggests that older, inactive Bitcoin holdings are being transferred. One transfer came from Binance, where $15…
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