Why is the Crypto Market Up Today?

Bitcoin’s return above the key $27,000 level appears to have been aided by large amounts of older, stagnant coins finally being moved. According to market intelligence platform Santiment, the past week saw the largest amount of dormant bitcoin changing wallets since July. These spikes in the “Age Consumed” metric often indicate impending price direction reversals, as longtime holders take profits or re-enter the markets.

Source: Santiment – Start using it today

The number of Bitcoin whales also saw massive accumulation recently. Santiment noted 16 more wallets now hold between 100-1,000 BTC, correlating with smaller wallets “graduating” into larger holder tiers. As key long-term stakeholders grow, the argument for a bullish future strengthens given their vested interest in higher prices.

Large individual transfers also reflect the bullish sentiment. Analytics provider Spot On Chain highlighted a transaction of 4,404 ETH worth $6.98 million deposited to Binance by a whale address 0x88e. Tracing the history revealed this whale had accumulated 11,904 ETH at an average price of just $243 back in June 2020, spending $2.89 million.

In the past three days, the whale deposited the entire 11,904 ETH stash, now worth $18.58 million, to Binance at approximately $1,561 per ETH. This represents an estimated 542% profit from ETH over two years.

Finally, influential analyst Michaël van de Poppe noted that Bitcoin decisively breaking $27,000 after the weekly open is a bullish continuation signal, with upside seeming likely next. Adding fuel, speculation around SEC approval of Bitcoin ETFs being 90% probability has boosted positive sentiment.

The confluence of on-chain data, whale transfers, and technical breakouts has powered the global crypto market cap 2.8% higher according to CoinGecko. While risks remain, the long-term holders and indicators firmly point to this bull run still having room to run.

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Felix Küster
Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.