Bitcoin price gains traction as whale activity hikes

Bitcoin (BTC) has been consolidating below the $26,000 mark over the past week as the global crypto market condition turned red.

However, with the recent market-wide bullish momentum, BTC whale activity and social dominance have witnessed a significant spike. Bitcoin is up by 0.03% in the past 24 hours and is trading at $25,755 at the time of writing.

BTC price, whale activity, supply on exchanges and active addresses – Sep. 7 | Source: Santiment

The hike comes as the asset’s 24-hour trading volume has risen by 11%, reaching $12 billion. According to data provided by the market intelligence platform Santiment, the number of BTC whale transactions, consisting of at least $100,000 worth of Bitcoin, surged by almost 110% since Sep. 3 — currently sitting at 9,004 unique transactions.

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Moreover, the number of Bitcoin daily active addresses has reached 1 million, registering an 18% hike in the past seven days. The upward momentum comes while BTC’s market cap stands at $501.6 billion at the time of writing.

On the other hand, the Bitcoin supply on exchanges witnessed a sudden surge after consistently dropping since Aug. 31. Per Santiment, there are currently 1.16 million coins on all platforms.

A report on Sept. 6 revealed that the number of crypto millionaires has reached 88,200. Of this tally, 40,500 addresses hold Bitcoin despite the asset’s price fluctuations.

The positive sentiment comes from Grayscale’s urge for its spot Bitcoin exchange-traded fund (ETF). According to a report on Sept. 6, the investment management company requested the U.S. Securities and Exchange Commission (SEC) to approve its spot BTC ETF before investors get financially harmed.

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