Bitcoin Whales Most Active In Six Weeks As BTC Drops Under $67,000

bitcoinistPublished on 2026-06-03Last updated on 2026-06-03

Abstract

Bitcoin whale transaction activity has surged to its highest level in six weeks, with over 10,000 daily transfers involving at least $100,000. This spike coincides with BTC's price dropping below $67,000 for the first time since early April. While the increased whale activity suggests significant market moves, the data alone cannot confirm whether it represents selling or accumulation. Concurrently, CryptoQuant's Bull Score Index has plunged to a value of 10, indicating extremely bearish market conditions. The asset's trajectory remains uncertain as it navigates this period of high whale movement and negative sentiment.

On-chain data shows the latest crash in the Bitcoin price has come alongside a spike in transaction activity from the whale-sized addresses.

Bitcoin Whale Transaction Count Has Just Witnessed A Spike

According to data from on-chain analytics firm Santiment, the Bitcoin Whale Transaction Count has observed a surge recently. The “Whale Transaction Count” here refers to an indicator that measures the total number of transfers occurring on the BTC network that involve a sum of $100,000 or more.

Generally, only the whale entities are capable of moving around amounts this large with single transactions, so the indicator’s value is considered to represent the amount of activity that these humongous investors are taking part in.

Below is a chart that shows the trend in the Bitcoin Whale Transaction Count over the past month.

Looks like the value of the metric has shot up in recent days | Source: Santiment on X

As displayed in the graph, the Bitcoin Whale Transaction Count has witnessed elevated levels in June so far, with whales making 10,095 daily transfers. This value of the indicator is the highest that it has been since April 22nd.

Interestingly, this six-week high in the metric has come alongside a steep drawdown in the cryptocurrency’s price. Given the timing, it’s possible that this whale activity corresponds to selling. However, as the Whale Transaction Count contains no information about whether accumulation or distribution is dominant, it’s hard to comment on whale behavior using its trend alone.

An effect of the bearish price action in the asset has been that CryptoQuant’s Bull Score Index has plummeted, as highlighted by the analytics firm’s head of research, Julio Moreno, in an X post. This indicator refers to the data of popular BTC on-chain metrics to provide a view of the market in terms of a single score.

How the BTC Bull Score Index has changed over the last year | Source: @jjcmoreno on X

From the chart, it’s apparent that the Bitcoin Bull Score Index had recovered to the 50 mark during the earlier BTC rally. A value of 50 implies that out of the ten indicators that the Bull Score Index uses, five were giving a green signal for the cryptocurrency.

Since the venture into this neutral zone, however, the market has reversed its course. The drawdown in the second half of May meant that the metric returned to the bearish zone and now, the decline in June has led it to a value of just 10, corresponding to extremely bearish conditions.

It now remains to be seen how long the asset will have to remain in this zone before a rebound can occur.

BTC Price

Bitcoin has returned below the $67,000 level for the first time since early April.

The trend in the price of the coin over the last five days | Source: BTCUSDT on TradingView

Related Questions

QWhat indicator recently spiked to its highest level in six weeks according to the article?

AThe Bitcoin Whale Transaction Count, which measures transfers of $100,000 or more, spiked to its highest level since April 22nd.

QWhat event did the spike in whale activity coincide with in the market?

AThe spike in whale activity coincided with a steep drawdown or crash in the Bitcoin price, dropping it below $67,000.

QAccording to the article, what is a limitation of the Whale Transaction Count indicator?

AThe Whale Transaction Count does not show whether the whale transactions are primarily for buying (accumulation) or selling (distribution).

QWhat was the value of CryptoQuant's Bull Score Index at the time of the article, and what does that signify?

AThe Bull Score Index had fallen to a value of 10, which signifies extremely bearish market conditions according to the article.

QWhat price level did Bitcoin fall below for the first time since early April?

ABitcoin fell below the $67,000 level for the first time since early April.

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