It is said that a whale sold a significant quantity of Bitcoin. According to Lookonchain data, an anonymous investor transformed Bitcoin (BTC) into Wrapped Bitcoin (WBTC) by bridging it with Ethereum.
411 WBTC, or around $15.2 million, have been sold by the whale at an average price of $37,023 per Bitcoin. The whale still has 155 WBTC in his wallet, which is currently worth about $5.74 million.
Bulls and bears
The cryptocurrency market, which is notorious for its volatility, is currently engulfed in a bear-bull tug-of-war.
In the past 24 hours, the market has witnessed 111 bullish addresses, or those who have purchased more than 1% of the trading volume, according to statistics from IntoTheBlock. Conversely, 114 bearish addresses can be identified by selling more than 1% of the daily traded volume.
A significant number of major transactions—transactions valued at $100,000 or more—were also noted by the market. About 12,430 significant transactions have occurred in the previous 24 hours, with November 9 marking the 7-day high of 22,570 transactions.
The aggregate sum of these significant Bitcoin transactions reached 589,590 BTC on the previous day, peaking at 1.06 million BTC seven days earlier. The entire volume of these transactions in the past 24 hours, when translated to USD, was around $21.81 billion, with a peak of $39.02 billion over the course of seven days.
Bitcoin price in limbo
The price of Bitcoin has been impacted by recent market activity. As of right now, CoinGecko statistics indicates that the price of Bitcoin is $37,029.96, indicating a minor 0.3% gain.
With a 24-hour trading volume of almost $12 billion, the cryptocurrency’s market capitalization is now estimated to be $723.6 billion.
The SEC’s upcoming judgement regarding Bitcoin ETFs is expected to have a significant impact on the leading cryptocurrency. The financial sector expects the SEC to approve many Bitcoin ETFs at the same time, as a crucial deadline of November 17 draws near.
