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Bitcoin is back to the $ 43,000 price point today after jumping nearly 4% in the past 24 hours. While Bitcoin bulls appear keen to keep the world’s largest digital asset above the $ 40,000 price point, its whale activity has grown since yesterday.
According to Whale Alert, one of the leading blockchain tracking and crypto analysis platforms, a leading Bitcoin wallet transferred 5,000 BTC from Xapo to Binance on September 29 at 7:56 p.m. UTC. The total value of the transaction is currently approximately $ 206 million.
In a separate transfer, someone moved 500 Bitcoin from an unknown wallet to the crypto exchange, Coinbase. The latest increase in the supply of BTC exchange came as a surprise after major digital exchanges saw large exits over the past week.
The previous week, Bitcoin’s supply exchange rate plunged to its lowest level in more than 2 years. The latest influxes of exchanges indicate that there is a shift in the transfer pattern of large Bitcoin wallets. In terms of price, BTC is currently trading above $ 43,500 with a market cap of over $ 820 billion.
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Bitcoin Circulation
One of the key indicators of Bitcoin network activity and its future price development is the unique circulation of BTC tokens. According to the crypto analysis platform Santiment, BTC circulation reached its highest level since the end of July 2021.
The circulation of Bitcoin is a telltale sign of the possibility of future market price growth. Over the past 3 days, BTC has averaged 189.2,000 unique tokens circulating on the network, the highest since late July (when BTC rose 31% over the next 5 weeks), ”Santiment pointed out.
Due to the latest price spike for the world’s largest cryptocurrency, the liquidation of crypto trading short positions has increased significantly in the past 24 hours. Data from bybt.com shows that approximately $ 94 million in short trading positions have been liquidated in the past 24 hours. The number includes the liquidation of nearly $ 40 million in Bitcoin short positions.
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