Even as Bitcoin continues to face a series of corrections that increase uncertainty across the market, whales continue to move Bitcoin in increasing amounts.
On Wednesday, October 29th, popular crypto analyst Ali Martinez revealed that Bitcoin whale activity has increased significantly over the past week as whales do not give in to continuously accumulating the leading cryptocurrency.
Over 6,311 large-scale BTC transfers in one week
In a recent X post, the analyst shared on-chain data from Santiment that showed over 6,311 Bitcoin whale transfers were recorded this week, indicating a notable increase in large transactions.
Notably, each transfer contained at least $1 million worth of BTC, indicating that Bitcoin whale activity has reached its highest level in about two months.
Bitcoin has just pulled back from its recent rally, raising expectations for the possibility of a new ATH, but the spike in Bitcoin whale trading comes as the asset hovers around the $111,000 level.
The whales’ impressive activity coincides with increased inflows to spot Bitcoin ETFs, which reflect growing interest among institutions and high-profile investors.
As the broader cryptocurrency market constantly faces increasing uncertainty, it is difficult to pinpoint the driving forces behind the increased whale activity. Nevertheless, whales are in a position to stay ahead of volatility, so an increase in large trades like this often indicates an accumulation phase or a big move in the market.
Despite this, Bitcoin has seen mixed price action over the past week and is currently seeing a significant drop in price. According to data from CoinMarketCap, Bitcoin is down 3.34% from the previous day and is trading at around $111,171 at the time of writing.
Apparently, the growing adoption of Bitcoin as a strategic preparedness tool among large institutions and governments is a major contributor to the growth of on-chain activity.
With large companies like Strategy and Metaplanet relentlessly raking in assets on a regular basis, regardless of volatile market conditions, it's no surprise that the number of large Bitcoin transactions is on the rise.
Nevertheless, market participants believe this increase in on-chain activity may indicate growing confidence in Bitcoin's long-term prospects, especially following strong ETF inflows and a recovery in market sentiment.
