Bitcoin (BTC) is observing noticeable spikes in whale transactions worth at least $100,000. Its supply on exchanges witnesses a gradual uptick amid the fight to reclaim $37,000.
These spikes in large transactions started earlier this month, data from Santiment confirms. Notably, whale transactions rapidly increased from Nov. 5, eventually crossing the 5,000 mark three days later. As of Nov. 8, Bitcoin recorded up to 7,992 transactions worth $100,000 and above.
This value represents the highest figure since late October. Despite a slight drop in these spikes, whale transactions have remained fairly high, with an intraday figure of 4,669 at the time of reporting.
Interestingly, the recent spikes in whale transactions coincide with a gradual uptick in the supply of Bitcoin on exchanges. Santiment data suggests that investors have continually moved their BTC tokens to exchanges amid the ongoing bull market.
This pattern began on Nov. 6 after supply on exchanges saw relative stability for days. Amid the gradual increase, Bitcoin‘s supply on exchanges surged to 1.11 million BTC yesterday. This figure has increased to 1.12 million BTC today, representing 5.7% of Bitcoin’s total supply.
Market watchers often regard an increase in supply on exchanges as a bearish trend, as most investors take their assets to exchanges for sell-off purposes. This trend is supported by the Bitcoin aSOPR metric, which has surged since Nov. 5, indicating that more investors are selling at a profit.
Bitcoin aims for $37,000
The recent trend has become dominant amid sustained discussions surrounding the approval of a spot BTC ETF in the U.S. Notably, ETF analysts suggest that the U.S. SEC’s window to start approving the slew of ETF applications on its table could open today.
Bitcoin has continued to ride on the ensuing bullish sentiment, up 4% over the past 24 hours. The bulls and bears are currently in a face-off as BTC battles to reclaim the much-coveted $37,000 territory.
The asset surged to another yearly high of $36,863 but faced resistance at the price point, bringing it to the support level of $36,500. Bitcoin is now attempting another move to $37,000, trading for $36,666 at the time of reporting, with a $24 billion 24-hour trading volume.