A noticeable resurgence of whale activity, involving transactions of $10 million or more, has been observed in the entity-adjusted relative on-chain volume breakdown.
The volume of these large-scale transactions recently breached the 30% mark of all transactions, an occurrence only seen once this year during a brief period in October. Currently, in 2023, Bitcoin has rebounded with an impressive 120% increase year to date, restoring confidence within the market.
In addition, the aggregated volume of transactions ranging from $100k to $1M stands at 24%, while that of $1M to $10M is at 28%. These figures are nearing the peak seen during the bull market of 2021, emphasizing that these high-value transactions, or ‘whale’ activities, are an integral part of the Bitcoin network’s financial ecosystem.
|Volume $0 to $1K||2%|
|Volume $1K to $10K||4%|
|Volume $10k to $100K||12%|
|Volume $100k to $1M||24%|
|Volume $1M to $10M||28%|
|Volume $10M or more||30%|