On-chain data aggregator Santiment has revealed that Bitcoin has reached a five-month high in one of its key metrics. Last time a similar surge happened, a BTC bull run was taking place.
Currently, this increase has happened while Bitcoin is changing hands in a range above $66,000.
Gigantic Bitcoin liquidity jump occurs
Santiment has noticed that while the world’s largest cryptocurrency, Bitcoin, is trading above the $66,000 price line, striving to break out but to no avail so far.
What the Santiment analytics team has revealed is that the level of unique Bitcoin tokens that have been transferred between wallets is rapidly going up. On March 30, there were 244,000 unique Bitcoins circulating in the market – that is the highest level since March 5.
Santiment pointed out that Bitcoin utility is gradually coming back to the levels which was last time seen during the bull run in the first quarter.
📊 As Bitcoin ranges just north of $66K, take note of the rising level of unique tokens being transferred between wallets. 244K BTC circulating in a single day was the most since March 5th. Utility is gradually returning back to levels last seen during the bull run in Q1. 👀 pic.twitter.com/uaze6557DE
— Santiment (@santimentfeed) July 31, 2024
Mt. Gox transfers billions in Bitcoin
Another analytics account on X, @spotonchain, reported earlier today that the former biggest crypto exchange Mt. Gox transferred another massive Bitcoin lump today. The new managers in charge of the non-operational exchange have shoveled a mammoth 45,511 Bitcoin worth $3.15 billion to three new wallets.
This was part of the plan to repay Mt. Gox exchange creditors who lost large sums in Bitcoin in a massive long-running hack that was discovered by the exchange CEO Mark Karpeles in 2014.
Since the start of the month, this platform has shoveled a whopping 61,559 BTC (the equivalent of $3.88 billion) to centralized exchanges Bitstamp, Kraken, and SBI VC. The Bitcoin price reacted with a decline to those huge BTC transfers.
Over the past 24 hours, another major entity has made a gargantuan Bitcoin transaction. The U.S. government continues selling its BTC holdings confiscated from Silk Road darknet marketplace, shuttered in 2013. A total of $2 billion in Bitcoin was transferred. This pushed the flagship cryptocurrency down by 5.67%, causing it to drop from the $70,000 high down to the $66,000 zone. This is where Bitcoin is changing hands at the time of this writing.
Earlier this month, the U.S. government also moved massive amounts of Silk Road Bitcoin. Aside from that, the German government also sold roughly 50,000 BTC in July.
