BTC is trading around $40,000, and has fallen over 11% in the past seven days.
Data from blockchain analytics firm Santiment showed that BTC was seeing a steady number of around 4000 whale transactions above $1 million on weekdays, even as its price retreated.
In this case, increased whale activity could indicate that BTC has found a bottom around $40,000, and that the token is poised for more gains.
Recent data also suggested that short-term holders were likely behind BTC’s recent price dump.