On-chain data aggregator Santiment recently tweeted about a temporary rise of Bitcoin beyond the $30,000 mark, stating that there is one crucial indicator that traders are advised to watch out for if they anticipate a breakout in the BTC price this summer.
Number of large BTC wallets matters
Santiment says it’s important to monitor whether or not the number of large BTC wallets containing 100 Bitcoins or more starts to increase again.
The likelihood that Bitcoin will go mainstream increases if the quantity of these whale addresses starts to increase. The level to which BTC may soar was not mentioned by the Santiment experts.
Important Bitcoin metric hits new ATH
The Bitcoin Long-Term Holder Supply of BTC has reportedly reached a new historic peak of 14.52 million Bitcoin, according to Glassnode data agency. This is equivalent to 75% of the total quantity that is currently being traded.
According to Glassnode, this data shows that experienced crypto investors are currently concentrating on the hodling approach.
Dormant Bitcoin whale comes to life
A wallet that hadn’t been used in over 11 years went active over the weekend, according to U.Today, and transferred 1,037 BTC worth $37.8 million.
When it was last used (in 2012), 11.3 years ago, this quantity of BTC only cost $5,107, and the price of Bitcoin was $4.92. The enigmatic Satoshi Nakamoto, who created Bitcoin, disappeared from view after transferring the cryptocurrency to the crypto community, and this wallet performed its last transaction before halting two years later.
Last week, other wallets that had been inactive awoke as well. Several elderly whales returned to the digital world last week, but they did so using Ethereum that they had bought during the 2014 ICO rather than Bitcoin.
