- BTC’s on-chain activity surged, 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 ramped up their activity in the past few days, accumulating more BTC as the market faces price uncertainties.
This surge in whale activity coincided with a rise in dormant Bitcoin moving back into 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 last two days.
One tracked address accumulated 250 BTC on the 8th of October, valued at approximately $15.6 million.
Following this, the same address acquired an additional 750 BTC, worth about $46.8 million, bringing its total to 1,000 BTC within 24 hours.
Interestingly, this whale address had remained 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 growing confidence in the market’s future potential.
Increased activity spurs on-chain movements
The recent spike in Bitcoin whale activity has also led to a noticeable increase in BTC transaction volume, according to data from Santiment.
Analysis shows that transaction volume surged to over 180,000 BTC, equating to more than $37 billion. This volume spike is particularly notable as it marks the first time such high levels have been reached in seven months.
Source: Santiment
Additionally, the age-consumed metric—which tracks the movement of long-held BTC—spiked to over 60.7 million BTC, a level not seen in months.
Historically, a surge in dormant BTC returning to circulation has been a positive signal for future price movements.
This increase aligns closely with the renewed accumulation of Bitcoin whales, indicating a potential shift in the market.
BTC shows signs of stability
Despite the increased whale activity, Bitcoin’s price remains relatively steady. A daily chart analysis shows that Bitcoin closed the last trading session with a slight dip, trading at around $62,122, enduring a 0.13% decline.
Source: TradingView
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 by Bitcoin whales is a promising sign that could influence a positive shift in the price trend soon.
Read Bitcoin’s [BTC] Price Prediction 2024-25-
As Bitcoin whales become more active and long-held BTC moves back into circulation, the market may be preparing for a shift.
While the price has yet to see a significant uptick, the renewed interest from large holders suggests that the market could soon experience more positive momentum.
