Bitcoin whale transactions surged to their highest levels since April amid a sharp market drop on August 5 and 6, with large holders capitalizing on the price decline.

On August 8, Santiment reported a significant increase in Bitcoin transactions involving large sums during the recent dip.

🐳 August 5th and 6th saw the highest level of Bitcoin

Specifically, wallets with 10 to 1,000 BTC saw a notable rise in activity as Bitcoin plummeted below $50,000. The data shows that 28,319 transactions exceeded $100,000 each, and 5,738 were over $1 million.

Bitcoin’s price dropped dramatically by 18% on August 5 but has since partially recovered to about $57,000. In the past month, Bitcoin whales have accumulated nearly $23 billion worth of the asset, with a peak in buying during the recent crash.

Over 400,000 BTC were transferred to long-term holding addresses since early July, with minimal selling from older whales noted.

In contrast, Bitcoin ETFs in the U.S. experienced significant outflows of $554 million between August 2 and 6, indicating a cautious market sentiment. This trend raises concerns about the market’s stability, as highlighted by market researchers.

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