Bitcoin hits a high of $26,813 as BTC whales move $1 billion

On-chain analytics firm Santiment has observed a whale address receiving $1 billion worth of bitcoin in the largest BTC transaction of 2023. The trade comes as bitcoin nears the $25,000 mark following a recovery on March 16.

The rally extended further on March 17, reaching an intraday high of $26,813 as Bitcoin returned to the $26,000 mark.

Source: Tradingview

At the time of writing, Bitcoin is up more than 7% in the past 24 hours to $26,669. According to Santiment, “A $1 billion Bitcoin transaction was sent to 3M219KR5vEneNb47ewrPfWyb5jQ2DjxRP6. It was the largest on-chain BTC transaction this year. The address held 143,310 BTC in October, was emptied in November, and is now back up and running 40,141 BTC.”

A chart published by Santiment shows that for the first time since November 2022, 40,157 BTC was sent to whale addresses holding more than 1 BTC.

Bitcoin fell to $15,512 in November 2022 after the collapse of FTX – once a $32 billion cryptocurrency exchange – affected investor confidence in cryptocurrency investments.

After a period of range-bound trading, Bitcoin began to recover in January 2023 before the upward momentum stalled in February.

The recovery started from the March 10 low of $19,568. The leading cryptocurrency surged above $26,000 on March 14, reaching its highest point in June 2022. The current move has shifted focus to the next technical hurdle above $28,000.

Bitcoin’s recovery above $26,000 also coincided with significant network growth.

Santiment noted that “Bitcoin’s network growth is currently booming, even with the current unpredictable volatility in the crypto market.”

“Over the past 2 months, the total number of BTC addresses has increased by 1.71 million, an increase of 3.95% in a relatively short period of time.”

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According to USA Today

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