According to on-chain analytics firm Santiment, Wrapped Bitcoin (WBTC) has seen more large transactions than ever since March.
Santiment noted in a tweet that WBTC whale transfers rose above $1 million to the highest level since March. WBTC also saw the largest network growth since July and a jump in the number of new wallets with 1-1,000 WBTC.
The company said similar shifts in the chain preceded the rallies in March and June this year. The data suggests increased whale accumulation and interest in the Bitcoin proxy ahead of the potential uptrend in the crypto market.
Wrapped Bitcoin (WBTC) has experienced notable transaction activity on several occasions. On July 1, 2023, WBTC transaction volume rose to over 7,000, marking the second significant spike in just over two months. On August 2, 2023, two substantial transfers of 2,000 WBTC each affected the total supply of WBTC on the exchanges.
WBTC plays a crucial role in enabling the use of Bitcoin in smart contracts and improving the accessibility of the world’s largest cryptocurrency on decentralized exchanges (DEX).
The pool of long-term Bitcoin holders is expanding.
Meanwhile, analyst Charles Edwards highlighted in another tweet that the long-term supply of Bitcoin holders is growing similar to 2016 levels.
Edwards believes This increase in the number of holders will have major consequences in 2024, more akin to the 10x price gain of the 2017 bull run compared to 2020. This strengthening holder base reflects a step change in accumulation.
The on-chain insights indicate greater conviction in Bitcoin among both whale traders and long-term investors.
Key metrics such as foreign exchange reserves, active addresses and transaction volumes further confirm that accumulation is occurring at a crucial support around $20,000. The blockchain data shows that holders are positioning themselves for the next bull run.
