A recent on-chain analysis indicates that transactions over $100,000 for Bitcoin whales remain low, despite Bitcoin reaching $70,000 in 2025.
Whale Transaction Volume Situation
Transaction volumes for whales exceeding $100,000 are demonstrating neutral-to-low levels, similar to what was observed in 2020. This low activity continues even as Bitcoin achieves new price records. Historically, whale movements have shown a strong correlation with significant price rallies, particularly during previous bull markets. The classic whales remain neutral towards Bitcoin.
Price Dynamics and Historical Context
Despite a positive price trajectory for Bitcoin in 2025, the behavior of high-net-worth holders does not mirror the price surge. The last significant spike in whale transactions occurred in early 2021 when Bitcoin broke above $60,000. Since then, transaction volumes from large holders have fallen substantially. This suggests that large players may be waiting for more stable macroeconomic conditions or clearer regulatory signals.
Short-Term Price Volatility and Market Uncertainty
Recent trading activity also reflects some degree of hesitation in the market. For instance, Bitcoin opened at approximately $103,246 and closed slightly lower at $102,521. The session was marked by a midday rally followed by a correction. This underscores the overall lack of confidence among market participants, even as the asset tests new valuation thresholds.
The lack of significant whale activity suggests that the most aggressive phase of institutional accumulation for Bitcoin may still be yet to resume.
