Bitcoin Price Gains Traction as Whale Activity Increases

Bitcoin Remains Below $26,000 Amid Market Fluctuations

Bitcoin (BTC) has seen consolidation below the $26,000 threshold over the past week as the overall cryptocurrency market experiences a downturn.

Despite this trend, recent bullish momentum across the market has led to a notable increase in BTC whale activity and social engagement. At the time of writing, Bitcoin has risen by 0.03% in the last 24 hours, trading at approximately $25,755.

Recent data reveals an increase in Bitcoin’s 24-hour trading volume by 11%, reaching around $12 billion. The market intelligence platform Santiment notes that the number of whale transactions—defined as transfers of at least $100,000 worth of Bitcoin—has surged nearly 110% since September 3rd, amounting to 9,004 unique transactions.

Additionally, the number of daily active Bitcoin addresses has climbed to 1 million, reflecting an 18% increase over the past week. This upward trend coincides with Bitcoin’s market capitalization of $501.6 billion as of now.

Conversely, the supply of Bitcoin on exchanges has recently spiked after a period of consistent decline since August 31. According to Santiment’s metrics, there are approximately 1.16 million BTC available on all platforms.

A report from September 6 indicates that the number of Bitcoin millionaires has reached approximately 88,200, with 40,500 addresses holding Bitcoin despite the ongoing price volatility.

Investor sentiment has been positively influenced by Grayscale’s push for approval of its spot Bitcoin exchange-traded fund (ETF). On September 6, the investment management firm urged the U.S. Securities and Exchange Commission (SEC) to expedite the approval of its spot BTC ETF to prevent potential financial harm to investors.