Bitcoin has been moving sideways recently, but a key indicator shows that a potential price surge could be ahead.
Bitcoin (Bitcoin) The price has been consolidating near the $59,000 mark over the past day, with a brief surge to $60,680 earlier. BTC is up 0.6% over the past 24 hours and is trading at $58,900 at the time of writing.
Additionally, the flagship cryptocurrency saw a 24% increase in its daily trading volume, which currently stands at around $34.8 billion.
According to data provided by Santiment, the total funding rate aggregated by Bitcoin plummeted to -0.0016%, showing that traders are betting on the asset’s price to fall. However, BTC price has historically seen short-term gains as the funding rate fell into the red zone.
Data from the market intelligence platform shows that Bitcoin also saw increased whale activity. According to Santiment, the number of whale transactions consisting of at least $100,000 worth of BTC increased from 5,148 to 8,234 unique transactions over the past 24 hours.
At this point, whales are showing their willingness to take short-term profits.
According to data from Santiment, the Bitcoin Exchange inflows increased by 119% in the last day, rising from 20,255 to 44,323 BTC tokens. The asset exchange Outflow also increased from 24,911 to 40,378 Bitcoins in the same time period.
Notably, the 365-day BTC inactive circulation also increased from 1,402 to 4,444 BTC tokens over the past day, according to Santiment. The move shows that long-term Bitcoin holders might look to take profits at this price point.
US Bitcoin Spot Exchange Traded Funds recorded $27.8 million in inflows on August 12. This also adds to Bitcoin’s bullish momentum after a bearish start to August.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.