Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
Bitcoin's onchain activity suggests whales, or investors with ample capital supply and the ability to influence market trends, have been active during the cryptocurrency’s recent move above $35,000.
The cryptocurrency's price topped the $35,000 mark last week, reaching the highest since early May 2022, according to CoinDesk data. The cryptocurrency has since traded sideways, around $34,000, boasting a 107% year-to-date gain. Prices have surged 27% this month, supposedly on the back of spot ETF optimism and increased haven demand.
"The recent rise in institutional activity might be a harbinger for what comes in 2024," IntoTheBlock added.The U.S. Securities and Exchange Commission is widely expected to approve several spot-based exchange-traded funds early next year.According to data tracked by Deutsche Digital Assets, small entities' onchain activity index, a metric to gauge retail investor activity, tapped a new-year-to-date high of 1.5 last week.
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