Bitcoin (BTC) whale transaction count has dropped to its lowest level since September 2023, with large transfers above $100,000 falling to just 6,417 per day as big-money investors pull back amid policy uncertainty and geopolitical tensions.

BTC Whale Activity Decline

Analytics firm Santiment flagged the drawdown in a post on X, noting that daily whale-sized transactions — those worth more than $100,000 — have fallen sharply since early February. The metric spiked during BTC's price crash at the start of that month, when large holders moved aggressively during the volatility.

Since then, however, the market has entered a consolidation phase.

Whale activity declined rapidly and failed to recover even as Bitcoin briefly attempted a rebound. Transfers valued above $1 million have also slid to 1,485, their lowest since October 2024.

Also Read: Can Bitcoin Hold $70K Or Will Bears Take Over?

Santiment on Smart Money

Santiment said the quiet stretch does not clearly point in a bullish or bearish direction. The firm noted that whale activity has become "historically quiet" as stakeholders await clarity from the CLARITY Act and resolution to ongoing geopolitical conflict.

"What it does signal is that smart money is in the same boat as smaller retail holders at the moment, and have been reluctant to make moves with so much policy and global uncertainty at play," the firm said. Bitcoin dropped below $68,000 earlier but has since rebounded to around $69,800.

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