Although Bitcoin has continued to face a series of corrections fueling uncertainties across the market, whales have continued to increasingly move the asset in large quantities.
On Wednesday, October 29, popular crypto analyst Ali Martinez revealed a significant surge in Bitcoin’s whale activity over the week, as whales won’t relent on consistently accumulating the leading cryptocurrency.
Over 6,311 large BTC transfers in 1 week
In a recent X post, the analyst shared on-chain data from Santiment showing a notable surge in large transactions, with over 6,311 Bitcoin whale transfers recorded this week.
Notably, each of the transfers involved at least $1 million worth of BTC, marking the highest level the Bitcoin whale activity has reached in about two months.
While Bitcoin has just retraced from its recent rally and raised hopes on the possibility of a new ATH, the surge in Bitcoin whale transactions has come at a time when the asset is hovering around the $111K mark.
While the impressive whale activities coincide with positive spot Bitcoin ETF inflows, it reflects growing interest among institutions and high-profile investors.
Since the broad crypto market is consistently faced with rising uncertainties, it is difficult to ascertain the drive behind the growing whale activities. Nonetheless, increases in large transactions like this often signal accumulation phases or major market moves, as whales position themselves ahead of volatility.
Nonetheless, Bitcoin has shown mixed price actions over the last week, and it is currently seeing its price plummet significantly. According to data from CoinMarketCap, Bitcoin has declined by 3.34% over the last day, trading at around $111,171 as of press time.
Apparently, the growing adoption of Bitcoin among large institutions and governments as a strategic reserve tool has contributed significantly to the growing on-chain activity.
With big firms like Strategy, Metaplanet, and others relentlessly scooping up the asset on a regular basis regardless of the unstable market conditions, it is not a surprise that Bitcoin large transaction counts have remained on the upside.
Nonetheless, market participants believe that this increased on-chain activity could indicate growing confidence in Bitcoin’s long-term outlook, particularly following strong ETF inflows and a rebound in market sentiment.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team