- Bitcoin whale activity has surged to levels reminiscent of 2021.
- The Bitcoin hash rate reached a new all-time high this week, reflecting robust miner engagement.
- The exSat Network mainnet has officially launched. It featured over 41 validators securing the platform with Bitcoin and the XSAT token.
This week has seen a surge in excitement and participation around Bitcoin, marked by several significant developments. The Bitcoin hash rate reached a new all-time high, reflecting robust miner engagement. Additionally, Bitcoin whale activity has surged to levels reminiscent of 2021.
Various advancements in the broader crypto ecosystem have been made to boost Bitcoin adoption and utility. The exSAT mainnet launch and the Bitcoin-focused conference have been key highlights. It aims to position Slovenia’s Maribor City as a European crypto hub.
Record-Breaking Bitcoin Hash Rate
This week, the Bitcoin hash rate reached unprecedented levels. A notable increase in whale activity accompanied it. That hinted at potentially exciting developments ahead.
On October 20th, the Bitcoin hash rate soared to an all-time high of 837.967 EH/s. Historically, this metric has provided insights into network activity, overall health, and miner sentiment. The recent surge aligned with the bullish trend in the BTC price.
The hash rate did not always follow suit in the previous bullish phases. However, timing is a key differentiator at this time.
Bitcoin Whale Activity Advances to Historical Levels
Recent data indicates a rise in whale and institutional activity, suggesting monthly accumulation. Glassnode reports that the number of entities holding over 1,000 Bitcoin has reached levels last seen in 2021, coinciding with BTC’s peak that year.
This chart shows that whale and institutional activity has returned to levels observed during the 2021 bull run. Combined with the Bitcoin hash rate hitting historic highs, it confirms growing investor excitement.
However, notable differences exist between the previous bull run and the current rally. Historically, Bitcoin peaks were marked by euphoria and extreme volatility. In contrast, the latest performance has not exhibited the same euphoria.
How is the exSat Network Scaling Bitcoin’s potential?
The exSat Network, a Bitcoin-based scaling solution, has officially launched its mainnet. This launch aims to enhance Bitcoin’s utility, addressing its long-standing limitations.
The mainnet is live, with over 41 validators securing the platform using Bitcoin and the XSAT token. Following Bitcoin’s fair launch principles, XSAT introduces a unique dual-consensus mechanism that merges PoW’s security with PoS’s functionality.
Major pools like Matrixport, Spiderpool, and Antpool are crucial in validating transactions.
Synchronizers, including some of the largest Bitcoin mining pools, contribute to securing and synchronizing over 53.4% of Bitcoin’s hash rate. This widespread participation underscores the high level of trust and collaboration behind the project.
With $281 Million in TVL, exSat expands Bitcoin’s use cases to include decentralized finance and complex smart contracts.
The TVL is expected to increase further following exSat’s partnership with Matrixport. It has pledged to stake between 5,000 and 10,000 nBTC into the network and assist in developing dApp.
According to the exSat Network’s official website, there are currently 4,100 BTC staked. They have a connected BTC hashrate share of 47.97%. The network has 50 validators and 6 synchronizers.
Slovenia, a leader in European Bitcoin adoption
NiceHash has been a prominent name in the cryptocurrency mining industry since its inception in Slovenia in 2014. It offers a robust mining and payment services ecosystem. In 2024, they introduced the world’s first fully automated Lightning payouts for miners.
As the largest hashrate marketplace globally, NiceHash is thrilled to announce NiceHashX, the inaugural Bitcoin-focused conference in Maribor. This event, dubbed the ‘Bitcoin Conference on the Sunny Side of the Alps,’ will occur November 8-9, 2024.
It will celebrate NiceHash’s 10th anniversary and positioning Maribor as a new gateway to the European cryptocurrency market.
“We are thrilled to showcase Slovenia as a leader in European Bitcoin adoption,” says Vladimir Hozjan, CEO of NiceHash. “
”After 10 years in this industry, we have seen firsthand how Bitcoin is being embraced here in Maribor and across Slovenia. We invite the world to join us in celebrating this milestone and to experience Bitcoin in its most authentic form, used by everyday people alongside some of the brightest minds in the industry.”
The conference aims to spotlight Maribor and Slovenia as emerging Bitcoin hubs. It showcases the region’s potential in the global crypto arena. Slovenia already has over 1,000 businesses accepting Bitcoin, and the event will highlight several local Maribor enterprises utilizing this technology.
Key discussions will include European Bitcoin adoption and regulation and the evolving landscape of mining and energy. It will also include the future of exchanges amid tight regulatory frameworks.
Although often overlooked in the European blockchain scene, Slovenia ranks second in Europe for blockchain startups. It falls behind Switzerland and boasts one of the highest Bitcoin adoption rates per capita.
With Bitcoin-themed landmarks like BTC City in Ljubljana and the Satoshi monument, Slovenia is home to numerous businesses. That includes restaurants, hotels, and supermarkets. All these businesses accept Bitcoin.
Bitcoin Next Major Rally Boost at Play?
Whales and institutional investors have been increasingly active following a period of stagnation from May to September. Historically, these large players re-enter the market before retail investors. In the coming months, particularly 2025, a significant rally could be expected.
This trend aligns with recent exchange reserve data. According to CryptoQuant, BTC exchange reserves have sharply declined since early October. It dropped by approximately 53,394 BTC in the last three weeks, equivalent to over $3.62 Billion at current values.
The steady decline in BTC exchange reserves since the beginning of 2024 highlighted the ongoing demand throughout the year.
Currently, BTC exchange reserves are at levels not seen since November 2018. Unlike the uptrend observed back then, reserves have decreased since 2021, indicating a potential increase in BTC scarcity.
These insights suggest that the market could heat up in the coming months. However, they also highlight the potential for increased volatility, urging caution.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.