Analysts from the popular cryptocurrency analysis company Santiment shared an analysis that some of the events that occurred before past rallies are currently experiencing similar events.
According to Santiment analysts, the Wrapped Bitcoin (WBTC) token, which is the version of Bitcoin on the Ethereum network, is at the highest level since March in big whale transactions worth over $ 1 million.
In addition, there was the highest network growth rate in WBTC since July and a significant jump in the number of wallets holding 1 to 1,000 WBTC. In fact, the number of wallet addresses holding 1 to 1,000 WBTC climbed to an all-time high of 4,953.
According to Santiment, similar movements were observed in WBTC transactions before both the March and June cryptocurrency rallies.
Wrapped Bitcoin can be described as a tokenized version of Bitcoin running on the Ethereum blockchain. It was created with the aim of bridging the gap between the Bitcoin and Ethereum blockchains and allowing Bitcoin to be used in Ethereum’s Decentralized Finance (DeFi) ecosystem.
WBTC price is traded at $27,459, in parallel with Bitcoin, which is $27,517 at the time of writing this article.
*This is not investment advice.
