According to blockchain intelligence firm Santiment, the Bitcoin network observed the largest single BTC transaction thus far in 2024 take place yesterday.
Around 6 p.m. UTC, a total of 42,870 BTC worth over $665 million flowed in one chunk, representing the richest individual transaction flow in 2024.
Notably, the sizable transfer aligned closely with a substantial spike in total Bitcoin network activity over the same 60-minute stretch yesterday. Per Santiment’s data, over 42,870 BTC changed addresses across the entirety of the Bitcoin blockchain during that singular hour.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +While it is unclear whether the singular $665 million transaction triggered broader activity as large holders reshuffled positions, the sharp uptick emphasizes relatively high interaction for a network of high value.
If broader network momentum sustains at elevated levels, it bodes constructively for prices in the medium term, as transfers and transactions often lead to price reactions during transitional periods. With the halving now under 94 days out, monitoring powerful holders’ behaviors offers clues around impending moves as the next binary boom-bust cycle approaches.
You may also be interested in:
- Why Is The Crypto Market Up Today?
- Analyst Says SEI Is Breaking Out, Shares Critical Make Or Break Levels
- The 4 Best Crypto Tokens To Invest In January 2024: Avalanche (AVAX), Meme Kombat (MK), Sponge V2 (SPONGE), and Bitcoin Minetrix (BTCMTX)
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
