Bitcoin briefly tops $30,000, but traders remain cautious

According to information from on-chain data provider Santiment, BTC’s trading volume rallied to a six-week high on 1 August. The uptick in trading volume was attributable to the re-entry of traders who had capitulated in the past few weeks when BTC’s value fell.BTC whales took advantage of the coin’s momentary price uptick, data from Santiment showed. On-chain assessment of BTC whale trading activity in the past 24 hours revealed a surge in the count of whale transactions that exceeded $100,000.

Per Santiment, BTC recorded 10,050 transactions worth over $100,000 on 1 August. This represented the highest daily count since 26 July.A corresponding increase in whale transactions count when an asset’s price rallies is seen as a bullish signal, as a sustained rally in whale transactions can help drive up the value of that asset.

Also, the ratio of BTC transaction volume in profit to loss climbed to its daily highest level since 24 July. At press time, this stood at 1.457, suggesting that BTC holders booked more gains on their transactions than they did losses.Furthermore, the coin’s funding rates across exchanges remained positive. Positive BTC funding rates indicate that longs are paying shorts to maintain their positions.

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