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Bitcoin (BTC) whales have just hit the height of their activity since April during the most recent crypto market crash.
Onchain analytics platform Santiment reported in an Aug. 7 tweet that Aug. 5 and Aug. 6 “saw the highest level of Bitcoin whale transactions since the first week of April.” The company further added:
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.”
Santiment data indicates that on Aug. 5 and Aug. 6 the Bitcoin network processed over 28,319 transactions worth more than $100,000 and 5,738 transactions worth more than $1 million. CoinMarketCap data indicates that on Aug. 5 Bitcoin’s price went from about $58,500 down to a low of $49,500 — losing over 15% of its value.
Bitcoin accumulation ongoing
Still, more recent market data indicates that Bitcoin is trading at just under $58,000 (at the time of writing) after gaining about 1.1% over the last 24 hours. Back on Aug. 6, CryptoQuant founder and CEO Ki Young Ju wrote in a tweet:
I’m pretty sure something is happening behind the scenes.”
He explained that at the time 404,448 BTC were “moved to permanent holder addresses over the past 30 days, and it’s accumulation.” He concluded:
We’ll know within a year.”
Back in late July, Ju wrote that 358,000 BTC had been moved off custodial platforms over the preceding month. Furthermore, monthly global Bitcoin spot exchange-traded fund (ETF) inflows had already reached 53,000 BTC. He suggested that this is highly notable:
Though not all remaining BTC is in custody wallets, whales are clearly accumulating. And it’s an unprecedented level.
In a recent analysis, Ju highlighted several bullish and bearish factors to consider around the current status of Bitcoin in the market. As bullish factors he explained that network hashrate is near the all-time high, whales are accumulating as explained above, retail investors are absent and old whales are silent.
As bearish factors, Ju cited macro risks and bearish on-chain indicators — but he highlighted that those are borderline. He concluded:
If bearish trends persist for over two weeks, market recovery could be challenging.
