Bitcoin (BTC) traded sideways on Saturday following a turbulent week marked by a market downturn. Notably, over the past week, the world’s largest cryptocurrency surged by almost 4% amid selling pressure across major digital assets.
According to Santiment data, whales acquired approximately 10,000 BTC, valued at around $750 million, over four days. This rapid accumulation suggests potential positioning by institutional or high-net-worth investors in anticipation of a market shift.
The timing of this buying activity is notable, coming amid a broader environment where retail traders appear cautious, with many sidelined following recent volatility. Historically, such divergences—where large players accumulate while smaller participants hesitate—have often preceded significant price movements.
Insights shared by crypto exchange Bitfinex point to an even larger accumulation pattern over a longer timeframe. According to the platform, whales have acquired a staggering 270,000 BTC over the past 30 days, marking one of the most aggressive buying phases seen since 2013.
Moreover, Bitfinex notes a significant supply-side trend that may further reduce Bitcoin availability. Since December 2017, the quantity of Bitcoin presently listed on exchanges has reached unprecedented levels. Short-term selling pressure on coins on exchanges may reduce overall supply, while the storage of Bitcoin in private wallets reduces the number of coins available to buyers. Price action often occurs when demand is reduced.
Data from the on-chain analytics platform Lookonchain indicates new wallets are taking significant steps. The whales withdrew 1,600 out of the total. Within hours, it was determined that the $120 million transaction was completed by Binance and BitGo. The cryptocurrency was valued at roughly $125. Large transfers to new wallets like these are often a result of accumulation rather than rapid trading.
That said, the market is not without risks. Macroeconomic factors, regulatory developments, and overall crypto sentiment continue to influence price action.
At press time, BTC was trading at $75,674, reflecting a 2.22% drop in the past 24 hours.