Bitcoin Wallet Activity Spiked Prior To This Week’s Price Surge

News | April 4, 2019 By:

Crypto wallet activity for bitcoin saw a spike in activity before this week’s surge in crypto prices, according to boston-based crypto market intelligence firm Flipside Crypto.

This week, bitcoin has surged to its highest price point since November 2018, surpassing the $5,000 price range according to crypto asset price comparison site Coinmarketcap.

Flipside Crypto told Bloomberg that while 40 percent to 50 percent of all bitcoins are usually sitting in wallets that have been inactive from one to six months, the average has been about 10 percent since March 15. Eric Stone, co-founder and head of data science at Flipside Crypto, said that “there are more people warming up to the idea of buying bitcoin.”

“Most often the price moves are the result of a few whales, as large holders are often called, shifting positions,” Stone said. “That was the case last fall, when bitcoin plunged 40 percent. This time around, the move was much more broad-based, with many smaller wallets waking up.”

Flipside co-founder and Chief Executive Officer Dave Balter said that they see this move much more valid than a few whale moves in October, which probably signifies a change in perception or confidence in this asset class.

Earlier this week, Oliver von Landsberg-Sadie, chief executive of cryptocurrency firm BCB Group, claimed that bitcoin’s price surge was triggered by an order worth about $100 million spread across US-based exchanges Coinbase and Kraken and Luxembourg’s Bitstamp.

“There has been a single order that has been algorithmically-managed across these three venues, of around 20,000 BTC,” von Landsberg-Sadie said. “If you look at the volumes on each of those three exchanges – there were in-concert, synchronized, units of volume of around 7,000 BTC in an hour.”