- BTC on-chain activity surged, with trading volume surpassing 180,000 BTC for the first time in seven months.
- BTC remained within the $62,000 price zone.
Bitcoin (BTC) whales have increased their activity in recent days, accumulating more BTC as the market faces price uncertainty.
This increase in whale activity has 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 followed address accumulated 250 BTC on October 8, worth approximately $15.6 million.
Following this, the same address acquired an additional 750 BTC, worth approximately $46.8 million, bringing its total to 1,000 BTC in 24 hours.
Interestingly, this whale deal has been dormant for the past six months after accumulating over 10,000 BTC earlier this year.
The resumption of purchasing activity from these large holders could reflect growing confidence in the future potential of the market.
Increased activity stimulates chain movements
The recent spike in Bitcoin whale activity has also led to a notable increase in BTC trading volume, according to Santiment data.
The analysis shows that the trading volume soared to over 180,000 BTC, which is equivalent to over $37 billion. This increase in volumes is particularly remarkable because it is the first time such high levels have been reached in seven months.
Source: Santiment
Additionally, the Consumed Age metric, which tracks the movement of long-held BTC, reached over 60.7 million BTC, a level not seen in months.
Historically, an increase in the return to circulation of dormant BTC has been a positive signal for future price movements.
This increase closely matches the new accumulation of Bitcoin whales, indicating a potential shift in the market.
BTC shows signs of stability
Despite increased whale activity, the price of Bitcoin remains relatively stable. Daily chart analysis shows that Bitcoin closed the last trading session with a slight decline, trading at around $62,122, suffering a decline of 0.13%.
Source: TradingView
However, the current trading session shows a slight improvement, with Bitcoin trading at around $62,240, reflecting a slight increase of less than 1%.
The continued accumulation of Bitcoin whales is a promising sign that could soon influence a positive change in the price trend.
Read Bitcoin (BTC) Price Prediction 2024-25-
As Bitcoin whales become more active and long-held BTC returns to circulation, the market could be preparing for a change.
Although the price has not yet seen a significant rise, the renewed interest from large holders suggests that the market could soon see more positive dynamics.
