Bitcoin (BTC) price has dipped below $89,000 for an extended period, but on-chain data suggests that large whale activity is accelerating again.
A series of large-scale trades by companies and large investors drew attention during a period of intense market volatility.
BlackRock, one of the largest institutional investors in the market, invested a total of 6,735 BTC ($616.09 million) and 64,706 ETH ($199.73 million) in Coinbase. Analysts say the company may be preparing for additional moves.
Meanwhile, the activity of individual giant whales has also gained momentum. Whale Wallet deposited 4.87 million USDC into the HyperLiquid exchange and opened a long ETH position with 20x leverage in two separate wallets. The same whale spent 387,861 USDC to buy 10,043 HYPE tokens for $38.60 and staked all of them.
Similarly, another large investor used 3 million USDC to raise 16,991 AAVE at $177. Whale reportedly still has 5.79 million USDC and may purchase more.
The newly created wallet withdrew 2,500 ETH ($7.59 million) from Binance, confirming the view that large buyers see this decline as an opportunity.
Another whale also bought 14.56 million ENA ($4.06 million) on Binance and Wintermute, bringing the total purchases last month to 17.56 million ENA. Although this entire position was at stake, it appears that the whale now faces a loss of approximately $522,000.
Another notable development came from Bitmine, a startup backed by Fundstrat founder Tom Lee. Despite the drop in ETH prices, Bitmine reportedly continued to buy. 24,827 ETH ($72.52 million) was transferred from BitGo to the newly created address 0x748d, suggesting that this wallet may be linked to Bitmine.
*This is not investment advice.
