Bitcoin Whale Activity Soars to Peak Levels

Bitcoin whale transactions surged to their highest levels since April amid a sharp market drop on August 5 and 6, with large holders capitalizing on the price decline.

On August 8, Santiment reported a significant increase in Bitcoin transactions involving large sums during the recent dip.

🐳 August 5th and 6th saw the highest level of Bitcoin whale transactions since the first week of April. According to the total holdings of wallets with 10 to 1,000 BTC, they rapidly accumulated on the price dip that saw crypto’s top asset fall below $50K. pic.twitter.com/wLG33tIV2k

— Santiment (@santimentfeed) August 7, 2024

Specifically, wallets with 10 to 1,000 BTC saw a notable rise in activity as Bitcoin plummeted below $50,000. The data shows that 28,319 transactions exceeded $100,000 each, and 5,738 were over $1 million.

Bitcoin’s price dropped dramatically by 18% on August 5 but has since partially recovered to about $57,000. In the past month, Bitcoin whales have accumulated nearly $23 billion worth of the asset, with a peak in buying during the recent crash.

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Over 400,000 BTC were transferred to long-term holding addresses since early July, with minimal selling from older whales noted.

In contrast, Bitcoin ETFs in the U.S. experienced significant outflows of $554 million between August 2 and 6, indicating a cautious market sentiment. This trend raises concerns about the market’s stability, as highlighted by market researchers.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.