Santiment Says $100,000-Plus Bitcoin Transfers Surge as Price Falls to $70,011 in Whale Accumulation Signal
Summary
- Santiment said large transactions worth more than $100,000 surged as Bitcoin fell toward $70,000.
- It said on-chain data showed the number of large transactions on the Bitcoin network climbed to the highest level since April 22, raising the possibility of accumulation by whale investors.
- The market is watching geopolitical risks in the Middle East, concerns over outflows from spot Bitcoin exchange-traded funds (ETFs), and whether support at $70,000 holds as factors that could determine the near-term direction.
Forecast Trend Report by Period
Large Bitcoin transactions surged as the token fell toward $70,000, with on-chain data pointing to possible accumulation by whale investors.
Santiment said on X on June 2 that transactions worth more than $100,000 jumped as Bitcoin dropped to $70,011.
The crypto analytics firm said the number of Bitcoin network transactions above $100,000 reached its highest level since April 22. The increase suggests trading activity by large investors picked up sharply during the selloff.
Santiment described the pattern as "a strong signal" that has historically indicated whale accumulation. That suggests large wallets may have stepped in to buy as Bitcoin approached a key support level.
Bitcoin is still facing near-term downside pressure from geopolitical risks in the Middle East, concerns over outflows from spot Bitcoin exchange-traded funds, and news that Strategy sold part of its Bitcoin holdings. Traders are watching whether support at $70,000 holds and whether buying by large investors continues, two factors that could shape the token's near-term direction.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
