Bitcoin Whales Drive Surge in $100K Transactions and Accumulate Aggressively, On-Chain Data Shows

The number of Bitcoin transactions involving at least $100,000 worth of BTC reached a year-to-date high of 23,400 last week, indicating increased activity by whales and institutions. The rise in institutional activity, along with the anticipation of spot-based exchange-traded funds (ETFs) being approved by the U.S. Securities and Exchange Commission (SEC) in early 2022, has boosted Bitcoin's market value. Additionally, retail investors have become more active, with small entities' onchain activity index reaching a new year-to-date high. This increased participation from both large and small investors suggests growing interest and potential for a sustained bull market in cryptocurrencies.