Activity of Bitcoin “whales” has dropped to 2023 lows, according to Santiment., 2026/03/26 18:20:41

The activity of significant Bitcoin holders has dropped to its lowest level since September 2023. Analysts from Santiment have indicated that this reflects a cautious stance among “whales” monitoring the geopolitical landscape.

According to Santiment, the number of daily Bitcoin transactions exceeding $100,000 has fallen to 6,417, marking the lowest figure since September 2023. The count of transfers over $1 million has decreased to 1,485, the lowest since October 2024. This suggests that major Bitcoin holders, including institutional investors, have temporarily reduced their market activity, according to analysts.

Santiment noted that the activity of Bitcoin “whales” surged in early February when they began to actively move funds amid high market volatility. However, since then, activity has declined as the market entered a consolidation phase.

Analysts believe that this lull does not indicate a bullish or bearish market trend—large cryptocurrency holders are simply taking a break and are not rushing to open substantial positions. Santiment associates the decline in whale activity with two factors. Firstly, market participants are awaiting clarity regarding the U.S. CLARITY bill on stablecoin yields. Secondly, investors are closely watching the developments of the military conflict in the Middle East.

Last week, on March 17, Bitcoin briefly reached $76,000 but soon fell below $68,000. Currently, Bitcoin is trading around $69,000 with a market capitalization of $1.3 trillion. Such fluctuations may indicate that Bitcoin remains sensitive to political events. Crypto analyst Ali Martinez noted that the recent market reset has filtered out many weaker players, leaving more committed Bitcoin holders.

Recently, MN Trading founder Michael van de Poppe suggested that Bitcoin could strengthen its market position. The analyst speculated on a potential rise for Bitcoin within the range of $77,000 to $80,000.