After a nearly 4% increase in price over the past 24 hours, Bitcoin has regained its $43,000 price level today. Although Bitcoin bulls are keen to maintain the price of the world’s most valuable digital asset at $40,000, whale activity has increased since yesterday.
Whale Alert, a top blockchain tracking and crypto analytics platform, reports that a leading Bitcoin wallet transferred 5,000 BTC to Binance at 19:56 UTC on September 29th. The transaction’s total value is currently around $206 million.
A separate transfer saw 500 Bitcoin moved from an unknown wallet into Coinbase. After significant outflows on the digital exchanges, the latest surge in BTC exchange supply was unexpected.
The Bitcoin exchange supply ratio fell to its lowest point in over 2 years during the week just before. Recent exchange inflows show that prominent Bitcoin wallets are changing their transfer patterns. BTC currently trades above $43,500 and has a market capitalization greater than $820 billion.
Bitcoin Circulation
The unique token circulation of Bitcoin is one of the most important indicators of Bitcoin’s future price action and network activity. Santiment, a crypto analytics platform, says that BTC circulation has reached its maximum level since July 2021.
“Bitcoin’s current circulation is a sign that future market price growth may occur. BTC has averaging 189.2k tokens per day on the network over the past three days. This is the highest level since late July, when BTC grew 31% in the next 5 weeks,” Santiment stated.
The recent price rise in the largest cryptocurrency in the world has caused a significant increase in short crypto trading positions. According to bybt.com, approximately $94 million worth short trading positions have been liquidated within the last 24 hours. This includes nearly $40 million in short Bitcoin positions.
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