Bitcoin's price movements often stir the market, but what happened when it briefly dipped below $40,000 and then climbed back to $42,000 was somewhat unprecedented. Most would anticipate a surge in retail trading; however, the reality of the situation, as revealed by Glassnode's data, was more nuanced. Exchange deposit and withdrawal volumes reached notable figures, but it's the source of this volume and its implications for the market that truly intrigue. With a significant shift detected in the behavior of Bitcoin's whales and the effect of the burgeoning spot Bitcoin ETF market, what does this mean for the future dynamics of cryptocurrency trading? The key players shaping the market may not be who we traditionally thought.
Whales and institutions lead the charge in Bitcoin’s exchange volume surge Whales and institutions lead the charge in Bitcoin’s exchange volume surge
Glassnode data shows whales and institutions as primary actors in Bitcoin's exchange volume rise.
2 min read
Updated: Feb. 1, 2024 at 11:29 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.