Bitcoin's price has surpassed $68,000, a level not seen since July. With rising social media discussions and significant open interest, whales have played a key role in this surge.

Bitcoin Whales Making Moves

According to Santiment, Bitcoin whale transactions have reached their highest in the past 10 weeks, recording over 11,600 transactions with a minimum value of $100k. These whale movements are sparking notable market shifts, increasing Bitcoin's visibility among traders and investors.

Record Open Interest Levels

Ki Young Ju, founder of Cryptoquant, reported that Bitcoin's open interest hit an all-time high of $20 billion, with the price standing 8% away from its ATH.

Market Impact

Bitcoin's rise has spurred increased purchases through Bitcoin ETFs. Investments in ETFs over the last three days totalled $1.2 billion, boosting overall holdings to $63 billion. BlackRock's share in these purchases accounts for 30%.

Bitcoin's current rise highlights the strong influence of whales and the growing interest from investors in Bitcoin ETFs. Despite potential short-term corrections, the long-term outlook remains positive.