Bitcoin
Bitcoin (BTC)
$67,371.00 -1.1509
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Ethereum
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$3,429.12 -2.97822
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BNB
BNB (BNB)
$588.77 -2.29127
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$177.61 -3.83304
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$0.6015300 0.55892
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$0.0000175 -4.10541
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$0.0000118 -5.84152
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$0.0000297 -9.77405
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Bitcoin
Bitcoin (BTC)
$67,371.00 -1.1509
Bitcoin price
Ethereum
Ethereum (ETH)
$3,429.12 -2.97822
Ethereum price
BNB
BNB (BNB)
$588.77 -2.29127
BNB price
Solana
Solana (SOL)
$177.61 -3.83304
Solana price
XRP
XRP (XRP)
$0.6015300 0.55892
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000175 -4.10541
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000118 -5.84152
Pepe price
Bonk
Bonk (BONK)
$0.0000297 -9.77405
Bonk price
Bitcoin
Bitcoin (BTC)
$67,371.00 -1.1509
Bitcoin price
Ethereum
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$3,429.12 -2.97822
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BNB
BNB (BNB)
$588.77 -2.29127
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Solana
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$177.61 -3.83304
Solana price
XRP
XRP (XRP)
$0.6015300 0.55892
XRP price
Shiba Inu
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$0.0000175 -4.10541
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000118 -5.84152
Pepe price
Bonk
Bonk (BONK)
$0.0000297 -9.77405
Bonk price
Bitcoin
Bitcoin (BTC)
$67,371.00 -1.1509
Bitcoin price
Ethereum
Ethereum (ETH)
$3,429.12 -2.97822
Ethereum price
BNB
BNB (BNB)
$588.77 -2.29127
BNB price
Solana
Solana (SOL)
$177.61 -3.83304
Solana price
XRP
XRP (XRP)
$0.6015300 0.55892
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000175 -4.10541
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000118 -5.84152
Pepe price
Bonk
Bonk (BONK)
$0.0000297 -9.77405
Bonk price

Bitcoin briefly touches $30k amid whale transactions

bitcoin-briefly-touches-30k-amid-whale-transactions
Edited by
Markets
Bitcoin briefly touches $30k amid whale transactions

Bitcoin’s (BTC) brief recovery of the $30,000 mark after a major drop has sparked significant interest among market observers.

During this period, key metrics such as whale transactions and weekly price volatility have surged, indicating potential market sentiment and activity shifts. 

Whale transactions involving Bitcoin worth at least $1 million have witnessed a remarkable rise, per Santiment data. Prominent institutional investors or high-net-worth individuals generally initiate these transactions. Their trading activity can exert considerable influence on the market due to their substantial holdings.

Bitcoin briefly touches $30k amid whale transactions - 1
BTC price, whale transaction count and volatility – Aug. 2 | Source: Santiment

From July 27 to August 1, the market observed a decrease in BTC whale transactions. However, amid the recent Bitcoin price recovery, the whale transaction count experienced reasonable spikes.

BTC price volatility surges

Another crucial metric to consider is Bitcoin’s price volatility, which measures the price fluctuation within a specific timeframe. 

On August 1, a sharp drop in weekly price volatility was observed as BTC plummeted below $29,000. Interestingly, amid this decline in weekly price volatility, Bitcoin witnessed a remarkable spike in volatility in the daily timeframe. 

However, weekly volatility surged again after the subsequent price recovery. Elevated volatility often indicates increased uncertainty and may lead to rapid changes in market sentiment.

The interplay between whale transactions and volatility can significantly affect the market’s direction. A surge in whale transactions amid rising volatility may signal the potential for more significant price movements in the near future. 

While the current metrics have not yet attained the high levels observed between July 24 and July 27, the gradual increase in a 24-hour timeframe indicates a continuous rise in market activity.

Meanwhile, Bitcoin has relinquished the $30,000 territory, dipping below it shortly after the latest recovery. Despite the drop, BTC continues to hold above the $29,000 zone, currently trading for $29,525 at the reporting time. The asset seeks to leverage this position for the next run to $30,000.