Bitcoin BTC/USD has seen its blockchain hit higher than usual levels of activity as whales appear to be fleeing the asset.

Bitcoin’s seven-day moving average transaction volume hit a monthly high of $1,678.6 million on Nov. 7, according to Glassnode data.

Elevated levels of on-chain activity often coincide with significant market moves, such as: B. an inflow or outflow of capital.

See also: Is Bitcoin a Good Investment?

Bitcoin addresses with at least 1,000 BTC (worth $20.75 million at the time of writing) also just hit a 2-year low of 2,107 on nov 7. Indicators that show growth and decline in the number of whales (crypto language for large holders) are often considered particularly important. It’s a way of assessing the sentiment of institutional investors, who are typically considered to be far more knowledgeable than retail investors.

We have yet to see Bitcoin’s bottom for this bear market, said one crypto analyst, predicting that the next crypto bull market will occur in 2024.

The volume of bitcoin against the British pound doubled after the Bank of England decided to hike interest rates by 0.75% – the biggest rate hike in 33 years.