Bitcoin’s drop beneath the $90,000 threshold is fueling a surge in large-scale investor activity, with whale transactions on pace to reach their highest weekly level of the year, according to new data from blockchain analytics firm Santiment.The spike in whale engagement comes amid a sharp crypto market pullback driven by fading rate-cut expectations, growing macro uncertainty and technical breakdowns. But analysts say whales are now shifting from dumping to accumulating, signaling possible stabilization ahead.What to KnowBitcoin whale transactions over $100,000 surpassed 102,000 this week.Whale transactions over $1 million reached 29,000, Santiment says.BTC fell below $90,000 for the first time in seven months.Glassnode data shows large holders have been accumulating since late October.Analysts say dip-buying is rising as short-term holders capitulate.Whale Transactions Soar as Bitcoin Breaks Below $90KSantiment reported on Wednesday that the number of large bitcoin transactions is climbing rapidly as BTC trades near multi-month lows. Bitcoin briefly fell under $90,000 this week for the first time since April, triggering a wave of whale activity.The firm has already tracked:102,000+ transactions over $100,00029,000+ transactions over $1 millionSantiment analysts said the pattern appears to be shifting:“This week has a good chance of ending up as the most active whale week of 2025, with the context of these whale moves gradually turning from dumping to accumulating again.”Some Analysts Blame Whales for Market Drop — But Data Shows AccumulationWhile some market observers argue that whale selling contributed to the recent pullback, Glassnode data shows the opposite trend since late October:addresses holding 1,000+ BTC have steadily increased, with a notable jump last Friday.This indicates whales are buying the dip, not exacerbating the decline.Analysts: Whales and Retail Are Stepping InPav Hundal, lead analyst at Swyftx, told Cointelegraph that whale activity has become increasingly reactive to news cycles and geopolitical events, especially over the past year.He said both whales and retail traders stepped in following Nvidia’s latest earnings beat:“BTC has rallied in the wake of Nvidia’s bumper results… the buy-to-sell ratio on our order books was at record highs this morning — 10 buys for every sell. Investors are buying the dip.”Hundal added the recent market weakness looks like a mechanical shakeout, clearing out short-term holders and creating room for a healthier rebound.Bitwise, Multicoin Analysts Say Whales Are Staying RationalBitwise Asset Management’s managing director Bradley Duke noted that panic in the broader market has not spread to large holders:“While fear and panic had afflicted many investors, the number of BTC whales has spiked up of late. Large holders are keeping a level head and buying at discount prices from panic sellers.”Multicoin Capital co-founder Tushar Jain believes current selling patterns point to a single large forced seller, possibly tied to the October 10 liquidation cascade:“We are seeing systematic selling during specific hours… probably a consequence of 10/10 liquidations. Hard to imagine this scale of forced selling continues for much longer.”Bottom May Be Near, Analysts SayMultiple analysts, including BitMine chairman Tom Lee and Bitwise CIO Matt Hougan, forecast earlier this week that Bitcoin’s bottom could form within days.With whale accumulation rising and forced selling waning, several market strategists believe BTC may be approaching the end of its latest corrective phase — though macro and liquidity risks remain elevated.
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