- BTC’s on-chain activity increased, with transaction volume exceeding 180,000 BTC for the first time in seven months.
- BTC has remained in the $62,000 price region.
Bitcoin [BTC] whales have increased their activity in the last few days and accumulated more BTC as the market faces price uncertainty.
This surge in whale activity coincided with an increase in dormant Bitcoin returning to circulation, suggesting a potential shift in market dynamics.
Bitcoin whales accumulate more BTC
Data from Lookonchain revealed that Bitcoin whales have become more active over the past two days.
A tracked address accumulated 250 BTC on October 8, worth approximately $15.6 million.
After this, the same address acquired another 750 BTC, worth about $46.8 million, bringing its total to 1,000 BTC within 24 hours.
Interestingly, this whale address had been dormant for the past six months after amassing over 10,000 BTC earlier this year.
The renewed buying activity from such large holders could signal increasing confidence in the market’s future potential.
Increased activity spurs movements on the chain
The recent surge in Bitcoin whale activity has also led to a noticeable increase in BTC transaction volume, according to data from Santiment.
Analysis shows that the transaction volume increased to over 180,000 BTC, which is equivalent to more than $37 billion. This increase in volume is particularly notable as it is the first time such high levels have been reached in seven months.
In addition, the age-spent metric – which tracks the movement of long-lived BTC – rose to over 60.7 million BTC, a level not seen in months.
Historically, an increase in dormant BTC returning to circulation has been a positive signal for future price movements.
This increase is closely aligned with the renewed accumulation of Bitcoin whales, indicating a potential shift in the market.
BTC is showing signs of stability
Despite the increased whale activity, Bitcoin’s price remains relatively stable. A daily chart analysis shows that Bitcoin closed the last trading session slightly lower, trading at around $62,122, enduring a 0.13% decline.
However, the current trading session shows a minor improvement, with Bitcoin trading at approximately $62,240, reflecting a slight increase of less than 1%.
The continued accumulation of Bitcoin whales is a promising sign that may soon affect a positive shift in the price trend.
Read Bitcoins [BTC] Price prediction 2024-25-
As Bitcoin whales become more active and long-dated BTC moves back into circulation, the market may be preparing for a shift.
Although the price has yet to see a significant increase, the renewed interest from large owners suggests that the market may soon experience more positive momentum.