On-chain analysis suggests that the largest players in the industry known as whales came out of hibernation amid a surge in 5,000 to 10,000 BTC transactions.
In a new report, crypto exchange OKEx teamed up with blockchain firm Catallact to study the behavior of large-scale investors this year. The report reveals that whales came to life between May to July as the number of 5,000 to 10,000 BTC transactions spiked while Bitcoin’s price consolidated around $10,000.
“This upward trend suggests the possibility that institutions and/or large players got busy accumulating BTC as economic stimulus measures from central banks spurred on the purchase of hard assets. However, because we cannot cleanly differentiate what actual activity took place from the number of transactions alone, this only remains a speculative possibility.”