- Bitcoin whale transactions spiked to 1,715 on Monday, each over $1M, aligning with BTC’s rebound from weekend lows a potential sign of strategic accumulation.
- On-chain data from Santiment suggests whale buying activity may have helped fuel the sharp recovery after prices dipped.
- Ancient Bitcoin moved for the first time in 10+ years, raising caution as dormant wallets are often linked to bearish sentiment when reactivated.
Bitcoin has staged a notable comeback after plunging to a recent low, with fresh on-chain data revealing a sharp uptick in whale activity, a potential catalyst behind the asset’s rebound.
According to insights shared by crypto analyst Ali Martinez on X (formerly Twitter), large-scale Bitcoin transactions have surged, marking a spike in the “Whale Transaction Count” a key metric tracked by on-chain analytics firm Santiment. This indicator specifically monitors the number of transactions exceeding $1 million on the Bitcoin network, effectively capturing movements from whale investors.
Whales entities that hold vast amounts of Bitcoin often play a pivotal role in price dynamics. Their actions, especially during market volatility, can provide critical clues about sentiment shifts and strategic accumulation or distribution.
During the recent dip that saw BTC’s price falter over the weekend, whale activity remained subdued. But by Monday, as prices hit local lows, the data flipped. Whale transactions surged to a high of 1,715 transfers in a single day each valued above $1 million.
This surge in high-value transactions coincided with a swift price recovery, implying that whales may have stepped in to scoop up discounted Bitcoin. Historically, such patterns have suggested accumulation phases, where major players load up in anticipation of an upswing.
Whales Cool Off Ancient Bitcoin Moves
However, it’s not all bullish just yet. On Tuesday, whale activity appeared to cool off slightly, indicating that the accumulation phase may have been short-lived. Whether this recent burst of activity will translate into a sustained rally remains to be seen.
Adding another layer of intrigue and potential caution is the sudden movement of ancient Bitcoin. As the chart shared by CryptoQuant community analyst Maartunn in an X post displays, 365 BTC that had remained untouched for over a decade. While the total value is relatively modest, these “ancient coins” are often seen as symbolic.
Their movement can spook the market, suggesting that long-term holders often considered the most resilient investors are reacting to current price conditions.
Historically, the reawakening of dormant wallets has aligned with bearish turns, as it can signal a loss of confidence even among Bitcoin’s most steadfast holders.
The current on-chain picture paints a complex story. On one hand, whale accumulation during dips signals confidence and could provide support for further upside. On the other, the movement of decade-old coins raises concerns about deeper liquidity shifts or changing sentiment among early adopters.
In the short term, Bitcoin’s ability to sustain its recovery may depend on whether whale activity picks back up and whether broader market sentiment can absorb the psychological impact of ancient BTC being sold or moved.
Currently Bitcoin is trading at $ 75,720 with a 24-hour trading volume of $ 88.81B and a market cap of $ 1.51T. The BTC price decreased -5.40% in the last 24 hours.
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