Bitcoin (BTC) whale activity has slowed to its weakest level since September 2023, adding to signs that large holders have turned cautious. 

Data from Santiment shows that transfers above $100,000 have dropped as Bitcoin trades below recent highs and investors watch policy updates and geopolitical risks.

Santiment said daily Bitcoin transactions above $100,000 fell to 6,417, the lowest reading since September 2023. Transfers above $1 million also dropped to 1,485, their lowest level since October 2024.

The firm said activity rose sharply during Bitcoin’s early February sell-off, when large holders moved funds during heavy volatility. Since then, that pace has faded as the market entered a consolidation period and failed to regain steady momentum.

Santiment links slowdown to policy and global uncertainty

Santiment said the decline does not confirm a bullish or bearish trend on its own. The firm said whale activity has become “historically quiet” while market participants wait for more clarity around the CLARITY Act and the conflict in the Middle East.

The firm added that “smart money is in the same boat as smaller retail holders at the moment, and have been reluctant to make moves with so much policy and global uncertainty at play.” That view places the current market in a wait-and-see phase rather than a clear trend.

Moreover, Bitcoin recently reached $76,000, its highest level in about six weeks, before sellers pushed it lower. The rejection sent the asset below $68,000, though it later rebounded toward $72,000 before slipping under $70,000 again.

The latest moves show that Bitcoin remains sensitive to external events as traders track war-related headlines and broader market signals. At the same time, the weak recovery in whale activity suggests that large holders have not yet returned with strong conviction.

Analysts point to washout among short-term holders

Ali Martinez said Bitcoin’s Realized Cap for new holders has hit a low level that often appears after speculative interest leaves the market. According to his view, the recent reset has removed many weak hands and left more committed holders in place.

Analyst Michaël van de Poppe also said short-term holders are sitting on heavy losses in what he described as capitulation. He said many traders bought during Bitcoin’s initial drop toward $80,000, only to see positions fall deeper into loss as the price moved below $70,000.