Whale Activity Spikes as Bitcoin Slides—Is a Rebound Coming?

Bitcoin’s price has spent six weeks on a downward path, yet large wallet holders have been unusually active. On-chain data from Santiment shows over 102,900 transactions above $100,000 and more than 29,000 transfers exceeding $1 million recorded this week.

This rising activity is clearly reflected in the Santiment chart, which shows whale transactions climbing even as prices continue to fall. The contrast has drawn attention from analysts who are watching closely for signs of possible accumulation.

Whale Activity Rises Amid Market Uncertainty

Whales often act during periods of uncertainty, either by selling into weakness or repositioning for future market conditions. Santiment hinted that the latest pattern could reflect growing accumulation rather than distribution.

Supporting this view, the data shows that this week may rank as one of the most active whale weeks of 2025. The rising transfer bands for both transaction tiers indicate heightened on-chain movement despite price pressure.

However, analysts warn that such transfer volumes do not automatically signal buying behavior. These transfers can also include exchange deposits, wallet consolidation, or internal fund management.

To confirm accumulation, experts say more evidence is needed in the form of exchange outflows, wallet address growth, and long-term holding behavior. Until then, whale activity should be viewed as a directional signal rather than proof.

Is a Rebound Coming?

Institutional interest also entered the spotlight this week. Strategy, a major corporate Bitcoin holder, purchased 8,178 BTC, bringing its total holdings to nearly 650,000 BTC.

Its chairman, Michael Saylor, confirmed the acquisition on social media, highlighting continued demand from large institutions even amid market pullbacks. This move adds to the broader picture of active positioning by high-value holders.

Meanwhile, US spot bitcoin ETFs saw a shift in sentiment after five consecutive days of outflows. They recorded $75 million in net inflows on November 19, signaling renewed investor interest.

The ETF inflows coincided with a rebound in bitcoin’s price to around $93,000 after dipping below $90,000. This combination of market activity has fueled speculation about a potential sentiment shift.

The alignment of whale transfers, institutional purchases, and ETF inflows is drawing close attention. Together, these signals are raising questions about whether whales are preparing for a possible price recovery.

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