•Bitcoin [BTC] and Wrapped Bitcoin[wBTC] whales have become more active in recent weeks as the BTC price continues to rise.
•The current upswing has shifted the playing field for long-term investors, who have now reached a break-even point.
•Both whale transaction counts for BTC and wBTC have been increasing in recent weeks, reaching their highest levels in 15 and 16 weeks respectively.
Rise of Bitcoin and wBTC Whales
Recent weeks have seen a significant influx of Bitcoin [BTC] whales as the price of BTC continued its ascent. Yet, the growth in whale behaviors did not originate with Bitcoin on the network alone, but rather with wrapped versions on other networks. The present upswing has also shifted the playing field for long-term investors.
Whale Transactions on the Rise
According to Santiment, the number of transactions made by BTC whales had climbed over the past several weeks, and as of this writing, had surpassed 13,000. The number of wBTC transactions has also been growing in recent weeks, with over 100 of them as of this writing. For both BTC and wBTC whales combined, their activity was at its greatest point in 15 or 16 weeks respectively.
Understanding wBTC
Wrapped Bitcoin (wBTC) is a cryptocurrency that is backed by Bitcoin. Its purpose is to enable holders to use their BTC to access decentralized finance (DeFi) applications and smart contracts on Ethereum [ETH]. To get wBTC a user sends their BTC to a custodian who holds it in reserve while issuing an equivalent amount of wBTC on Ethereum’s network which can then be used to access DeFi applications such as decentralized exchanges or lending/borrowing platforms among other financial services.
Long-Term Holders Reach Breakeven Point
According to Glassnode’s post, as BTC continued its upward trajectory and whale transactions grew so did Long-Term Holder’s realized value which eventually passed its breakeven point according CryptoQuant’s SOPR metric which stood at 1.1 points at time writing indicating strong bull trend yet warning possible imminence correction due soon..
Conclusion
In conclusion we can see that both Bitcoin [BTc] and Wrapped Bitcoin [wBTc] whales have become increasingly active recently signaling strong bullish trend yet possibly impending correction given current market conditions according data provided by Santiment amd CryptoQuant respectively .