Bitcoin (BTC) analysts are watching short-term volatility as whales display unprecedented behavior.

New data shows that in addition to being active in the market, whales are moving record amounts of BTC.

Whale activity surpasses Bitcoin’s all-time high

Although BTC price movement remains in a narrow, unattractive range of around $ 40,000, high-volume Bitcoin investors remain calm.

In the past few weeks, these whales have moved more coins on the network than ever before – even more than BTC / USD’s all-time high of $ 60,000 or more.

Transactions worth $ 10 million or less topped $ 10 billion.

Whales have moved record numbers #Bitcoin two weeks ago.

Total transfer volume of USD 10 million + transactions remain at the latest ATH level.

It goes even higher when the price is around $ 55-60k. pic.twitter.com/FXvcCPPl57

– Lex Moskovski (@mskvsk) September 28, 2021

Further analysis of their actions shows that different classes of whales have shown different reactions to recent price events.

The “smaller” whales were sold while the largest volume investors topped up their positions, data from the on-chain analysis source Material Indicators Disclosure in this week.

“Whales sold BTC, big whales bought and purple whales followed with another buy order,” commented the researchers along with a graph of BTC / USD buy and sell levels.

“When you’re trying to understand these whale games, think about the thin liquidity they’re trying to play against.”

The relative lack of resistance between current spot prices of $ 42,000 and $ 46,500 has been repeatedly rejected by BTC / USD above $ 44,000.

“Fast and volatile” Bitcoin expectations below $ 40,000

Meanwhile, Waldaten warn of possible price volatility.

Related: Bitcoin fractal price drop with 78% success rate flashes when BTC drops below $ 43.5k

The “Exchange Whale Ratio”, which shows the size of the ten most important exchange-traded capital flows compared to the rest, is approaching a level that has led to volatile price movements in the past.

“So normally we would consider this a short-term sale, but since we are in key areas we need to make sure the price is above 40,000,” the analyst said. CryptoQuant on the chain commented as part of Tuesday’s update.

“Price movements below 40,000 can be quick and volatile.”

As Cointelegraph reported, if BTC / USD loses $ 40,000 support, $ 36,000 is expected to be a certain floor.