Bitcoin whale transactions have spiked to their highest level in over 10 weeks, with 11,697 $100K+ transfers on the network Tuesday, and Wednesday on pace for a high mark as well, according to on-chain analytics firm Santiment. The platform also noted that social media content has “veered heavily toward BTC over altcoins,” making up over a quarter of all discussions.
Market sentiment has also slipped back to “greed,” according to the Bitcoin Fear and Greed Index, which reached 73 on Wednesday, the highest since late July. Another consequence of this week’s market rally is a multi-year high for Bitcoin dominance. The metric hit a three-and-a-half-year high of 58.98% on Oct.
16, according to Tradingview. Industry advisor Dan Held said that the breakout has occurred “as buyers exhaust sellers.” He added that the macro fundamentals were “incredible,” liquidity was about to flood the market, and most of the FUD from exchange distributions and government selling had been wiped away.
Analyst ‘Rekt Capital’ believes that the sideways/downtrend has now been broken with this latest higher high. Bitcoin hit a ten-week high of $68,250 on Oct. 16 propelling its weekly gains to 11%. The asset is now just $1,500 away from the psychological level of its previous bull run peak of $69,000 in late 2021.
