Bitcoin whale activity drops to 2023 lows — Santiment

Cryptocurrency

Activity among large Bitcoin holders has fallen to its lowest level since September 2023. Analysts at Santiment described this as a sign of caution among “whales” who are monitoring geopolitical developments.

According to Santiment, the number of daily Bitcoin transactions exceeding $100,000 has dropped to 6,417 — the lowest level since September 2023. The number of transfers exceeding $1 million has decreased to 1,485, the lowest level since October 2024. All of this indicates that large Bitcoin holders, including corporate investors, have temporarily reduced their market activity, analysts say.

Santiment noted that Bitcoin whale activity surged sharply in early February, when they actively moved funds amid high volatility in the crypto market. However, activity has declined since then as the market entered a consolidation phase.

Analysts believe that this lull does not confirm either a bullish or bearish trend — large cryptocurrency holders have simply paused and are not rushing to open large positions. Santiment links the decline in whale activity to two factors. First, market participants are waiting for clarity on the U.S. CLARITY Act regarding stablecoin yield. Second, investors are monitoring developments in the military conflict in the Middle East.

Last week, on March 17, Bitcoin briefly reached $76,000, but soon fell below $68,000. It is currently trading around $69,000 with a market capitalization of $1.3 trillion. Such movements may indicate that Bitcoin remains sensitive to political events. According to crypto analyst Ali Martinez, the recent market reset has filtered out many weak participants, leaving more committed Bitcoin holders.

Recently, MN Trading founder Michael van de Poppe suggested that Bitcoin could strengthen its market position. The analyst expects Bitcoin to rise into the $77,000–80,000 range.

See also: "Why the end of the Middle East conflict won’t save Ethereum"

#Bitcoin (BTC)

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