Big Bitcoin holders have gone quiet — on-chain metric shows whale transfers at multi-month lows On-chain analytics firm Santiment says activity from large Bitcoin players has dwindled recently, with the daily count of transfers above $100,000 falling to levels not seen since September 2023. What the metric tracks - Santiment’s “Whale Transaction Count” measures daily BTC transfers worth more than $100,000. Moves of this size are typically attributed to institutional or “whale” wallets, so the metric is a direct read on big-money participation. - The firm also tracks transfers above $1 million as a separate curve, and includes a 7-day moving average to smooth short-term noise. What happened - The Whale Transaction Count spiked during Bitcoin’s early-February sell-off, as large holders took advantage of a volatile market to reposition. That uptick is in line with the common behavior of whales becoming active during sudden price swings. - Since that crash, however, whale activity has dropped sharply during a consolidation phase. A recent recovery in price hasn’t reignited heavy transfer activity from big players. - Santiment: “Bitcoin’s whale activity has become historically quiet as key stakeholders await clarity (literally) from the CLARITY Act, as well as long-term finality to the war.” Key numbers - Transfers of $100,000+: 6,417 daily — the lowest level since September 2023. - Transfers of $1 million+: 1,485 daily — the lowest level since October 2024. Why it matters - Fewer large transfers can mean reduced institutional engagement or cautious positioning by major holders. That could either limit near-term upside (less buying pressure) or reduce sell-side pressure if whales stay sidelined — so the signal is not unequivocally bullish or bearish. - Market participants will be watching policy developments (e.g., the CLARITY Act) and geopolitical clarity, both cited by Santiment as reasons for the muted whale activity. Price context - Bitcoin briefly dipped below $68,000 earlier but has since rebounded to about $70,800. Bottom line: whale wallets have quieted down, and until those big holders return to the market in force — or regulatory/geopolitical uncertainty clears — their subdued activity will remain an important on-chain signal to watch. Read more AI-generated news on: undefined/news

#BTC #ETF