Friday, September 13 saw a late rally in Bitcoin (BTC), which closed the week in a good note. This event has spurred debates on a possible comeback following a difficult beginning to the month.
New on-chain data, however, points to a possible lack of a real trend reversal in this price comeback. In a post on the X platform, crypto analyst Ali Martinez highlighted a crucial statistic: Santiment’s transaction volume measure, which records the overall quantity of cryptocurrency exchanged over a certain period.
Bitcoin Whales Profit From Surge
Rising transaction volumes historically correspond with price uptrends; dropping volumes point to a market downturn. Bitcoin’s transaction volume is dropping right now, suggesting that the market lacks the activity usually seen in long-lasting recoveries even with the recent price increase.
This implies Bitcoin might keep consolidating or maybe see more falls. The caution results from BTC historically negative September performance, which many investors find cause for caution. Furthermore, on-chain data reveals certain significant investors—also known as “whales”—have profite on recent advances.
Following the price surge beyond $60,000, BTC whales realized approximately $50 million in earnings, claims Martinez. Given that significant sell-offs usually cause price declines, this degree of profit-taking could cause BTC to be pressured down.
As investors wait for clearer market signals, Bitcoin’s price is currently rather constant, hovering around the $60,000 mark without appreciable change.
