Dormant Bitcoin wallets have suddenly been reactivated.
In recent days, large holders have sent 775 BTC to Binance as currency inflows into the market increased.
According to LookonchainOG wallet transferred 500 BTC worth approximately $36.39 million to Binance after eight months of inactivity, which immediately attracted attention across the market.
Another great holder deposited 275 BTC, increasing the combined whale inflow to 775 BTC within three hours, worth almost $56.3 million. Such transfers typically indicate liquidity preparation or strategic repositioning by early investors.
In the meantime, Bitcoin [BTC] is up 6.29% in the last 24 hours and is now trading near $72,392, reflecting strong buying interest despite rising currency deposits.
However, sudden moves from dormant portfolios often change market expectations.
Large holders regularly reactivate their holdings during recovery phases, especially when price rebounds begin to attract renewed speculative demand.
Bitcoin tests recovery within the descending channel
Bitcoin continues to trade within a broad descending channel that has dominated price direction since the late 2025 collapse.
The structure is still handling the ongoing recovery effort. Bitcoin was hovering around $72,600 at the time of writing, following a recovery from the February sell-off that pushed prices towards the lower channel boundary.
Buyers have defended the support region between $68,500 and $67,900, preventing a deeper decline. Meanwhile, technical indicators now reflect early stabilization.
The 9-day moving average of nearly $68,552 has moved above the 21-day moving average of around $67,925, tightening the short-term structure around the price.
At the same time, the parabolic SAR points have moved below the price near $62,758, indicating that downward pressure has subsided. However, several resistance levels still limit upward expansion.
Price must release $78,839 to strengthen recovery prospects. Stronger barriers appear near $84,982 and $97,267, where previous rallies repeatedly stalled during the broader correction phase.
Source: TradingView
Alternating currents contradict whale activity
Exchange current data provided an interesting contrast to recent whale deposits. BTC spot net flow at the time of writing was almost -$43.91 million, indicating that more Bitcoin was leaving the exchange than entering.
Negative net flows often indicate continued accumulation behavior among investors. Traders typically withdraw assets from cold storage as long-term holdings increase.
However, the recent whale transfers to Binance introduce new liquidity to the market. These deposits therefore create mixed signals about the data in the chain.
On the one hand, large holders have moved coins to exchanges. On the other hand, broader currency balances continue to decline overall.
This divergence suggests that isolated whale activity has not yet changed the broader market trend. Accumulation behavior still seems dominant in the broader Bitcoin network.
The Bitcoin NVT ratio decreases as activity increases
Bitcoin’s Network Value to Transaction (NVT) ratio was almost 20.94 at the time of writing, reflecting a decline of 15.57% over the recent period. The NVT compares market capitalization to the value of transactions moving across the network.
A declining NVT generally indicates increasing network usage relative to market valuation. In this case, transaction activity has started to increase, while valuation has become lower.
Such dynamics often occur during periods of structural consolidation. Network participants continue to actively trade despite the broader price correction.
Therefore, the declining NVT ratio suggests that utility across the network is improving. Increasing transaction throughput often strengthens the asset’s fundamentals.
Investors often interpret such shifts as early signs of a pick-up in network demand during correction phases.
In summary, Bitcoin is currently presenting mixed signals from the market data. Whale deposits introduce potential selling liquidity into the exchanges.
However, negative grid flows and declining NVT indicate continued network activity and accumulation. The price remains within a descending channel, while indicators point to an early stabilization.
If buyers continue to absorb the incoming supply, Bitcoin could gradually strengthen its recovery structure within the broader market cycle.
Final summary
- The reemergence of sleeping whales reminds the markets that long-term holders still determine Bitcoin’s liquidity during recovery phases.
- The market’s resilience depends on whether the broader accumulation continues to absorb the supply created by sudden whale activity.