Santiment's on-chain data reveals that as Bitcoin traded down to $70,011, the activity level of whale clusters—address groups controlled by large holders—rose to a six-week high. At the same time, transactions valued above $100,000 spiked to their highest point since April 22.
Whale clusters are defined as addresses that hold significant amounts of cryptocurrency and often reflect the actions of major market participants. The surge in their activity comes as Bitcoin experiences a price pullback, with these large entities moving substantial volumes on-chain.
The recent increase marks a return to elevated transaction levels last seen on April 22. Following that date, large transaction volumes had moderated until the current upswing, as reported by Cointelegraph and ChainCatcher.