There is a notable increase in large-scale transactions, or “whale transactions,” on platforms like Polygon, Ethereum, and Bitcoin.
Notably, the value of transactions exceeding $100,000 on Bitcoin has increased by 80%.
Comparing their comparative quantities just 30 days ago, Ethereum’s huge transactions have increased by 170%, and Polygon has seen an incredible increase of nearly 3,800%.
Large transactions
The magnitude of this increase in high-value transactions is demonstrated by data from the previous week. In the past 24 hours, Bitcoin has logged 16,410 transactions, with a peak of 22,570 transactions on November 9. On November 5, 12,810 transactions were the lowest.
Bitcoin witnessed $24.4 billion in transactions in the past day, reaching a peak of $39.02 billion and a low of $18.1 billion in the same week. In the past 24 hours, Ethereum has completed 3,560 big transactions, with a seven-day high of 7,590 transactions and a low of 3,040.
This pattern was reflected in its transaction volume, which reached a high of $6.59 billion and a low of $2.47 billion in the last day, totaling $2.91 billion.
With a low of 34 transactions, Polygon’s seven-day high for big transactions was 209, which is the same as its total for the previous 24 hours. This increase was reflected in the number of transactions, which saw $194.42 million in the previous day, $357.59 million at the seven-day high, and $28.81 million at the low.
Renewed institutional demand
A major factor contributing to the notable rise in whale transactions for all of these cryptocurrencies is the resurgence of institutional interest. The launch of spot Bitcoin ETFs by January 2024 is highly anticipated in the cryptocurrency industry and is projected to drive institutional demand even further.
To this enthusiasm has been added BlackRock’s ambitions to launch a spot Ethereum ETF. In addition to providing significant cash, institutional demand is essential to the cryptocurrency market since it gives the ecosystem of digital currencies legitimacy and stability.
Long-term growth and general acceptability of cryptocurrencies are thought to be largely dependent on the involvement of major financial firms and the development of more approachable investment vehicles such as exchange-traded funds (ETFs).
