Expert Analyst Examines What the Big Whales Are Doing in Bitcoin Right Now

Renowned cryptocurrency analyst Benjamin Cowen, in his new analysis video, examines the movements of large whales in the Bitcoin market. Evaluating the market, Cowen interprets the current situation and historical trends in light of on-chain data.

Cowen pointed out that metrics tracking whale activity work differently than traditional risk indicators. He stated that sudden surges in whale activity shouldn’t be interpreted as direct bull or bear signals, noting that these movements are often concentrated around local peaks or troughs following sharp price fluctuations.

Cowen, analyzing current on-chain data, noted a significant lull in large-scale whale transactions. He stated that high-volume whale transfers were at very low levels, reminiscent of the recession period in August 2018. According to the analyst, while the stock market activity score historically tends to rise during market lows (e.g., the sharp declines of 2015, 2018, and 2020), the whale transaction score peaked during major bull runs like 2017 and 2021.

Another important detail highlighted in the analysis was the change in the asset distribution in Bitcoin wallets. Cowen stated that the share of wallets holding between 1,000 and 10,000 $BTC in the total supply decreased from approximately 30% to 20%, while the share of wallets holding between 100 and 1,000 $BTC increased from 20% to 25-26%. This indicates a significant redistribution process among whale layers in the leading cryptocurrency.

Benjamin Cowen stated that on-chain activity could increase again in the coming period, and that whale activity should be closely monitored to understand whether the new volatility in the market has come to an end.

*This is not investment advice.