Amid the strengthening of the bitcoin (BTC) exchange rate, network activity has increased sharply this week.
Researchers from Arcane Research have previously reported an increase in daily cryptocurrency trading volume. After it exceeded $ 40,700 for the first time since May 2021, the number of transactions with this coin reached $ 9.2 billion daily.
Santiment data shows that the whales that control between 100 and 10,000 bitcoins have been aggressively buying up digital currency since late May. Analysts have found that to date, large investors have accumulated 9.19 million BTC - this is the maximum amount of cryptocurrency in the entire history of observations.
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Since May 22, whale wallets have purchased 170,000 coins, of which 130,000 bitcoins were purchased in the past four weeks, the team said in a report.
On Friday, July 30, the BTC rate is holding around $ 39,800. The capitalization of the largest digital currency has grown to $ 745.509 billion. The network hashrate has also begun to recover from a collapse to a minimum since November 2019.
While bitcoin is trading near $40,000, just over 70% of addresses are in profit. The nearest zone of resistance is expected to be around $ 42,000, where investors acquired a total of 325,000 BTC, analysts said.