On-chain data reveals a significant spike in whale activity coinciding with Bitcoin’s recent 13% drop below $67,000. According to analytics platform Santiment, wallets holding between 10 and 10,000 BTC reduced their combined holdings by 0.18% over the past week, dumping approximately 24,602 coins. This marks the most active period for whale-sized transfers since April 22, with daily whale transaction counts surpassing 10,000 transfers involving $100,000 or more.
Simultaneously, CryptoQuant’s Bull Score Index has plunged to a value of just 10, its lowest level in recent months, indicating extremely bearish conditions. The index, which aggregates ten popular BTC on-chain metrics, had briefly recovered to neutral territory during earlier rallies but has since reversed course as whale distribution accelerated.
Santiment noted a sharp divergence in behavior: while retail investors accumulated 61 BTC across wallets holding less than 0.01 BTC, large stakeholders continued offloading their positions. The analytics firm emphasized that a return to whale accumulation, alongside cooling retail enthusiasm, would be the key signal for a market bottom. Without such a shift, the ongoing distribution from major holders remains a warning sign for further downside risk.
