Bitcoin whale activity is on track to potentially reach its highest level of weekly transactions this year, according to market intelligence platform Santiment. This surge coincides with Bitcoin's recent dip below $90,000, a level not seen in seven months.
Santiment reported tracking over 102,000 whale transactions exceeding $100,000, in addition to 29,000 transactions surpassing $1 million. This heightened activity suggests a possible shift from selling to accumulating among these large holders. This week could become the most active for whale transactions in 2025.
Analysts are offering various perspectives on this whale behavior. Some speculate that recent crypto market pullbacks are partly attributable to whale selling. However, data from Glassnode indicates that large holders have been accumulating Bitcoin since late October, with a notable increase in wallets holding over 1,000 Bitcoin starting last Friday.
Pav Hundal, lead analyst at Swyftx, believes news cycles are a key driver of whale activity, particularly those related to geopolitical events in the U.S. He noted that Bitcoin's rally following Nvidia's strong results suggests both whales and retail investors are buying, supported by a record buy-to-sell ratio on Swyftx's order books.
Bradley Duke, Managing Director and Head of Bitwise Asset Management in Europe, observed that whales have been purchasing Bitcoin at discounted prices from panic sellers, demonstrating composure amid market fear. Tushar Jain, co-founder of Multicoin Capital, has identified a pattern of systematic selling, hinting at a significant forced seller potentially due to liquidations. He anticipates this forced selling may be nearing its end.
Other analysts suggest that the recent sell-offs reflect planned asset allocation and profit-taking, a typical pattern in previous bull market cycles. Martin Leinweber, Head of Digital Asset Research and Strategy at MarketVector Indexes, stated that some long-term Bitcoin investors, who bought when prices were in single digits, are now taking advantage of improved market liquidity to sell.
However, CryptoQuant analysts expressed concern that whale sell-offs, coupled with deteriorating market sentiment and slowing buy-ins, could further pressure Bitcoin prices. Data indicates that Bitcoin ETFs have experienced cumulative outflows of $2.6 billion over the past five weeks, marking the largest five-week outflow since late March. The inability to reclaim the $100,000 level may trigger further profit-taking.
Despite the recent price volatility, some analysts downplay the whale selling as a typical late-cycle move. Glassnode analysts suggest that it represents a steady, structured distribution common in bull markets, rather than a sudden exodus. They noted that monthly average spending by long-term holders has grown from over 12,000 Bitcoin per day in early July to around 26,000.
Timothy Misir, head of research at BRN, noted that whale accumulation continues with over 45,000 BTC added this week, marking the second-largest accumulation of 2025. Macro developments, such as the U.S. government reopening and a softer tone in U.S.-China trade dynamics, have also contributed to restoring confidence in global markets.
