Bitcoin's onchain activity suggests whales, or investors with ample capital supply and the ability to influence market trends, have been active during the cryptocurrency’s recent move above $35,000.
The cryptocurrency's price topped the $35,000 mark last week, reaching the highest since early May 2022, according to CoinDesk data. The cryptocurrency has since traded sideways, around $34,000, boasting a 107% year-to-date gain. Prices have surged 27% this month, supposedly on the back of spot ETF optimism and increased haven demand.
"The recent rise in institutional activity might be a harbinger for what comes in 2024," IntoTheBlock added.The U.S. Securities and Exchange Commission is widely expected to approve several spot-based exchange-traded funds early next year.According to data tracked by Deutsche Digital Assets, small entities' onchain activity index, a metric to gauge retail investor activity, tapped a new-year-to-date high of 1.5 last week.
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