{"id":431776,"date":"2024-10-11T00:30:36","date_gmt":"2024-10-10T19:00:36","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=431776"},"modified":"2024-10-10T15:25:41","modified_gmt":"2024-10-10T09:55:41","slug":"bitcoin-volume-crosses-37-4b-highest-in-7-months-heres-why","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-volume-crosses-37-4b-highest-in-7-months-heres-why\/","title":{"rendered":"Bitcoin volume crosses $37.4B, highest in 7 months &#8211; Here&#8217;s why"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Dormant Bitcoin worth $681M was moved, pushing $37.4B in on-chain volume\u2014the highest in seven months.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Bitcoin inflows to exchanges rise, suggesting potential selling pressure as BTC stabilized around $61K.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A major <\/span><a href=\"https:\/\/ambcrypto.com\/bitcoin-btc-price-prediction-33\/\"><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><\/a><span style=\"font-weight: 400;\"> transaction involving a dormant wallet moved 10,158 BTC, valued at approximately $681 million, into circulation. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This large transfer resulted in $37.4 billion in total on-chain volume, the highest recorded in seven months.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This activity was <\/span><a href=\"https:\/\/x.com\/santimentfeed\/status\/1843886201289244706\"><span style=\"font-weight: 400;\">identified<\/span><\/a><span style=\"font-weight: 400;\"> by Santiment, a blockchain analytics platform, and is raising attention in the market. Historically, the reactivation of stagnant Bitcoin causes upward price movements.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This event underscores a shift in behavior among long-term holders, as a considerable amount of previously inactive BTC has re-entered the market.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The transaction was also tied to data from Lookonchain, <\/span><a href=\"https:\/\/x.com\/lookonchain\/status\/1843591534228476291\"><span style=\"font-weight: 400;\">suggesting<\/span><\/a><span style=\"font-weight: 400;\"> that it could have a ripple effect in the market.<\/span><\/p>\n<h2><b>Surge in on-chain activity<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The $37.4 billion in on-chain transaction volume occurred on a single day, marking the largest daily volume since the 12th of March 2024. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This spike was driven largely by dormant Bitcoin being moved into circulation, suggesting that large holders are becoming more active.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Santiment noted that the \u201cAge Consumed\u201d indicator, which tracks the movement of older BTC that had remained idle for a long time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Age Consumed metric saw a sharp rise, signaling that a significant portion of the transaction volume came from older, inactive Bitcoin.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> This movement is often interpreted as a sign of renewed activity among whale accounts, with potential future impacts on Bitcoin\u2019s price direction.<\/span><\/p>\n<figure id=\"attachment_431783\" aria-describedby=\"caption-attachment-431783\" style=\"width: 680px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTC-AGE-CONSUMED.jpeg\"><img decoding=\"async\" class=\"wp-image-431783 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTC-AGE-CONSUMED.jpeg\" alt=\"\" width=\"680\" height=\"381\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTC-AGE-CONSUMED.jpeg 680w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTC-AGE-CONSUMED-300x168.jpeg 300w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><\/a><figcaption id=\"caption-attachment-431783\" class=\"wp-caption-text\">Source: X<\/figcaption><\/figure>\n<h2><b>Bitcoin network metrics show mixed signals<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">While on-chain volume has spiked, some key metrics for Bitcoin addresses have seen a decline.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Data from <\/span><a href=\"https:\/\/app.intotheblock.com\/coin\/BTC\/deep-dive?group=network&amp;chart=addressStats\"><span style=\"font-weight: 400;\">IntoTheBlock<\/span><\/a><span style=\"font-weight: 400;\"> revealed a drop in new, active, and zero-balance addresses over the past week.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> New addresses decreased by 5.56%, active addresses by 6.54%, and zero-balance addresses by 10.06%, with the total number of active addresses standing at 747.72k as of the 7th of October.<\/span><\/p>\n<figure id=\"attachment_431782\" aria-describedby=\"caption-attachment-431782\" style=\"width: 1099px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-10-at-11.21.50.png\"><img decoding=\"async\" class=\"wp-image-431782 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-10-at-11.21.50.png\" alt=\"\" width=\"1099\" height=\"442\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-10-at-11.21.50.png 1099w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-10-at-11.21.50-300x121.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-10-at-11.21.50-1024x412.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-10-at-11.21.50-768x309.png 768w\" sizes=\"(max-width: 1099px) 100vw, 1099px\" \/><\/a><figcaption id=\"caption-attachment-431782\" class=\"wp-caption-text\">Source: IntoTheBlock<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This decline in address activity could indicate short-term cooling in network participation. However, Bitcoin&#8217;s price remains relatively strong, with recent market activity showing resilience.\u00a0<\/span><\/p>\n<h2><b>Possible selling pressure<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">AMBCrypto&#8217;s analysis of Bitcoin spot inflows and outflows showed the movement of more BTC into exchanges. As of the 10th of October, there was a net inflow of $7.35 million.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Positive inflows typically point to potential selling pressure, as traders transfer Bitcoin to exchanges for possible liquidation. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This minor inflow suggests some traders may be positioning themselves to sell, but it is not large enough to signal a significant market shift.<\/span><\/p>\n<figure id=\"attachment_431780\" aria-describedby=\"caption-attachment-431780\" style=\"width: 1327px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-10-at-11.24.22.png\"><img decoding=\"async\" class=\"wp-image-431780 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-10-at-11.24.22.png\" alt=\"\" width=\"1327\" height=\"375\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-10-at-11.24.22.png 1327w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-10-at-11.24.22-300x85.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-10-at-11.24.22-1024x289.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-10-at-11.24.22-768x217.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-10-at-11.24.22-1200x339.png 1200w\" sizes=\"(max-width: 1327px) 100vw, 1327px\" \/><\/a><figcaption id=\"caption-attachment-431780\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\">Bitcoin&#8217;s [BTC] Price Prediction<\/a> 2024\u20132025<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Bitcoin\u2019s price stood at <a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\">$60,947<\/a> at press time, showing a slight dip from the previous week. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite the inflows, the price has remained relatively stable. So, selling pressure may not be strong enough to cause major downward movement at this point. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A dormant Bitcoin whale reactivates 10,158 BTC, sparking $37.4B in volume\u2014the highest in seven months.<\/p>\n","protected":false},"author":95,"featured_media":431803,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[6427],"class_list":["post-431776","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin volume crosses $37.4B, highest in 7 months - Here&#039;s why - AMBCrypto<\/title>\n<meta name=\"description\" content=\"A dormant Bitcoin whale moves $681M worth of BTC, driving $37.4B in on-chain volume\u2014the highest in 7 months. 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