Bitcoin (BTC) whale activity has increased significantly in recent weeks. Addresses holding between 10 and 1,000 BTC are making more and more transactions. Their activity has even reached a four-month high in recent days.

Crypto whales buy the dip

This suggests that these investors have taken advantage of the recent price drop to hoard more Bitcoin. This is a positive sign and is probably one of the reasons for the strong rise in Bitcoin’s price in recent days.

Santiment blockchain analytics platform shared via X Data on Bitcoin whale activity. The message shows that these crypto whales bought a large amount of Bitcoin during the Monday crash. The data shows that more than 28,000 transactions worth over $100,000 and nearly 5,740 transactions worth over $1 million were executed on Monday and Tuesday.

This week’s strong buying has significantly boosted the positions of Bitcoin whales. In the past 30 days, these wealthy addresses have bought nearly $23 billion worth of Bitcoin.

Huge inflow of BTC from exchanges

What’s even more astonishing is the speed with which coins are being removed from exchanges. This is happening in record time. In the past nine years, Bitcoin outflows from whales have never been as high as they are today.

This has led to a significant increase in the price of Bitcoin since last Monday, as the price rose from a low of $49,000 to $62,000 today.

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