Bitcoin has fallen below the $25,000 level during the past day as on-chain data shows signs of elevated activity from the whales.

According to data from the on-chain analytics firm Santiment, whale activity surged to the highest level in four months yesterday. The relevant indicator here is the “whale transaction count,” which measures the total amount of transfers taking place on the Bitcoin blockchain that are worth at least $1 million in value.

When the value of this metric is high, it means a large number of whale transactions are occurring on the network right now. Such a trend shows that these humongous holders have an active interest in trading the cryptocurrency currently.