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According to cryptocurrency analytics platform Santiment, Bitcoin is seeing an uptick in whale activity.  

"Key stakeholder participation has played a major role in bull cycles seen in crypto over the past two years, and the context of these spikes appears to be bullish," the firm said.

The price of the leading cryptocurrency has dipped by 2.5% over the past 24 hours. 

On Jan. 20, Bitcoin reached a new record high of $108,786, but it has since experienced a 6% price correction. 

In the meantime, various Bitcoin exchange-traded funds (ETFs) managed to attract a total of $248 million worth of net flows on Wednesday. This signals that institutional demand remains rather strong despite Bitcoin's underwhelming price action. 

According to QCP, the market is likely to remain "range-bound" until there is more clarity regarding the Federal Reserve's interest rate decision.