Major cryptocurrencies such as Bitcoin, Ethereum, and Polygon have experienced a significant surge in large-scale “whale” transactions over the past month, signaling a notable uptick in institutional crypto investment.
According to data, Bitcoin witnessed an 80% surge in transactions valued at over $100,000 compared to 30 days ago. Ethereum closely follows with a staggering 170% increase, while Polygon has seen an unprecedented rise of over 3,800% in the past 30 days.
In the last week alone, Bitcoin recorded over 16,000 daily whale transactions, amounting to a total value of $24 billion and reaching a peak of 22,570 large transactions on November 9th. Ethereum also registered 3,560 high-value transactions per day, totaling $2.9 billion, while Polygon reached 209 whale transactions, amounting to $194 million..
This surge in whale transactions is primarily attributed to renewed institutional interest in the cryptocurrency market. The anticipation of spot Bitcoin ETFs launching by January 2024 has fueled this trend, and excitement has similarly grown with BlackRock’s plans to introduce a spot Ethereum ETF.
Also Read: Crypto Analyst Predicts “Lollapalooza Effect” Will Propel XRP to New Highs
