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Bitcoin’s surge to $35K sparks uptick in whale and retail activity

October 30, 2023


Bitcoin’s recent rally has seen a surge in both institutional and retail investor activities, with the cryptocurrency stabilizing near $34K after reaching its highest value since May 2022 of over $35K. This marks a significant 107% year-to-date increase, fueled by anticipation around spot exchange-traded funds (ETFs) and a rise in safe haven demand.

Last week, Bitcoin transactions exceeding $100K, typically associated with ‘whale’ investors, reached a year-to-date high of 23,400. This increased activity coincides with the filing of Blackrock (NYSE:BLK)’s ETF application and is believed to have amplified interest in Bitcoin among whales and institutions, according to data from IntoTheBlock.