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Whale activity surges as Bitcoin slips under $90,000
Bitcoin large-holder activity is climbing sharply after the cryptocurrency dipped below $90,000, a threshold BTC hadn’t tested in seven months. Market intelligence firm Santiment reports that whale transactions are mounting as prices soften, signaling a shift from selling to accumulation among high-net-worth Bitcoin wallets.
Santiment data: a busy week for whale transactions
Santiment has tracked more than 102,000 transactions exceeding $100,000 and an additional 29,000 transfers larger than $1 million in recent weeks. The analytics provider suggests this week could end as the most active whale week of 2025, with whale behavior evolving from concentrated selling toward renewed accumulation.
The increase in whale transactions has coincided with a broader market pullback. Bitcoin (BTC) price action — which recently reached $92,113 before sliding below $90,000 — has drawn renewed attention from crypto investors monitoring where the biggest holders are positioning themselves.
Are whales buying the dip?
On-chain analytics from Glassnode show large holders accumulating since late October, with a notable rise in wallets holding more than 1,000 BTC starting last Friday. These on-chain signals indicate that many institutional and high-net-worth participants appear to be treating the downturn as an entry point rather than an exit.
Pav Hundal, lead analyst at crypto trading platform Swyftx, told Cointelegraph that news cycles and macro headlines have repeatedly sparked bursts of whale activity over the past year. He noted that retail and institutional investors are stepping back in after positive catalysts, such as strong corporate earnings from key tech companies, and that Swyftx order books recently showed buy-to-sell ratios far above typical levels — evidence of buyers outnumbering sellers.
"Investors are buying the dip," he said, adding that recent volatility likely prompted a mechanical shakeout of short-term holders and created a healthier market reset.
Industry voices: disciplined accumulation amid fear
Bradley Duke, managing director and head of Bitwise Asset Management in Europe, observed the same pattern of disciplined accumulation. In an X post, he noted that despite heightened fear and panic among some retail traders, the number of BTC whales has spiked as large holders quietly buy discounted coins from panic sellers.
Meanwhile, Tushar Jain, co-founder and managing partner at Multicoin Capital, flagged that selling patterns suggest the presence of a sizable forced seller — likely liquidation-driven — concentrated during specific hours. Jain argued that this kind of systematic selling may not persist indefinitely, implying a potential end to the most aggressive downward pressure.
What markets could expect next
Analysts including Tom Lee of BitMine and Matt Hougan of Bitwise have suggested Bitcoin might reach a local bottom soon, possibly this week, as selling pressure wanes and accumulation increases. If large holders continue to buy during dips, on-chain dynamics could tighten available supply, supporting price stability or setting the stage for a recovery.
For traders and investors, key indicators to watch include whale transaction volumes, wallet growth for addresses holding 1,000+ BTC, and exchange inflows/outflows. Monitoring metrics from Santiment and Glassnode alongside order-book sentiment can help market participants judge whether current accumulation is structural or a short-lived response to volatility.
Takeaway
Bitcoin’s pullback below $90,000 has coincided with a notable uptick in whale activity, suggesting many large holders are accumulating rather than exiting. While forced liquidations and short-term volatility can create temporary weakness, on-chain signals point to renewed buying from whales — a development investors should weigh when assessing the crypto market’s near-term outlook.
Source: cointelegraph
Comments
Armin
wow didnt expect that spike in whale txs, kinda reassuring tho, could be the bottom? still nervous, market moves fast lol
blocktone
Is this even true? whales buying the dip or just shifting coins between wallets... Santiment's numbers are big, but liquidity, exchange flows still matter, right
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