On-chain tracking: Bitcoin whales actively receive goods

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Despite reaching new yearly highs, Bitcoin’s popularity doesn’t seem to match the previous bull run.

On-chain data shows that in the past five days alone, Bitcoin whales have purchased more than 30,000 Bitcoins, worth approximately $1 billion. This marks an active gathering of whales.

#bitcoin Whale has purchased over 30,000 pieces Bitcoin USD Nearly $1 billion in the past five days! pic.twitter.com/oclJBY5j6a

— Ali (@ali_charts) October 28, 2023

As can be seen, community excitement about the Bitcoin ETF spot drove BTC prices to yearly highs, incentivizing whales and institutions to accumulate Bitcoin.

Specifically, CME’s BTC futures contract open interest (OI) exceeded 100,000 BTC ($3.4 billion) for the first time. CME’s market share also reached an all-time high of 25%, approaching Binance’s permanent and future market share.

CME market share increased to a record high of 25%, quickly approaching Binance (Perps + Futures)

However, the record growth in CME BTC futures statistics marks the dawn of a new era, with large players (especially traditional institutions) increasingly embracing Bitcoin trading, and they are even competing to buy Bitcoin.

Currently, BTC is up more than 100% year-to-date, and there are signs that Bitcoin is in the early stages of a bull market.

In particular, not only are the cyclical patterns consistent with Bitcoin, but short-term activity is also picking up. However, the Bitcoin market cap to real value (MVRV) ratio suggests that Bitcoin has not yet overheated like previous bull runs.

Historically, the Bitcoin bull market peaked at 300% + MVRV, and compared to the current figure of 150%, there is room for further development in the bull market.

The most recent high was $35,000 – Bitcoin’s next resistance level. If this level is exceeded, BTC could reach $38,000 to $39,000. But if the BTC price corrects, $30,000 will be a strong support threshold for BTC.

As of this writing, BTC is trading at around $34,260, up 14.44% in the past seven days.

Current Bitcoin Price

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