Bitcoin’s large transaction activity has surged to its highest level this year, with over 29,000 transactions worth over $1 million recorded, marking the most active week for whales in 2025. The surge comes as BTC prices have fallen to around $91,700, testing critical support and sparking debate over whether the market is entering its final wave before a recovery.
Data from Santiment shows a shift in whale activity from selling to accumulating, including large purchases of as much as 1,300 BTC by institutional buyers. Long-term holders have also bought over 186,000 BTC since early October, a surge in accumulation that has been rare in previous cycles.
While accumulation trends are usually accompanied by price increases, this time around things are a bit different as BTC prices continue to decline, down nearly 28% from their all-time highs. This creates a stark contrast between on-chain data and price action, confusing market watchers.
Some analysts believe this large accumulation provides the basis for further rally as retail selling pressure subsides. On the other hand, a few others are warning of the potential for further declines if technical support levels fail, including the 21-month EMA, which is important in the history of bull markets.
Market sentiment remains negative, supported by pressure in futures markets and sentiment readings. Analysts argue that without positive macro or technical catalysts, a quick recovery may be difficult to achieve despite the large whale accumulation.
