Whale Activity in Cryptocurrency Declines Since Mid-August
Whale activities in the cryptocurrency market have sharply declined since mid-August. Transactions worth $100K or more in Bitcoin and Ethereum, the two largest cryptocurrencies, have significantly dropped during this period. This trend suggests a shift in market behavior, highlighting decreased activity from major holders as they wait for potential market changes.
Bitcoin and Ethereum Whale Transactions Decline
According to recent data from Santiment, Bitcoin whale transactions have dropped by 33.6% from their peak in March and April. During that peak, Bitcoin whale transactions reached 88,163, but starting from mid-August, the number of weekly transactions fell to 58,539.
In comparison, Ethereum’s large whale transactions have seen an even steeper decline. Transactions involving $100K or more in Ethereum have reduced by 72.5%, falling to 29,864 weekly transactions since mid-August, down from 108,596 in March and April. The sharp drop in whale activity on the Ethereum network indicates that large-scale transactions are now much less frequent.
Market Sentiment and Future Trends
Despite the significant decline in whale transactions, this does not necessarily signal bearish market sentiment. Whale activity can occur in both bull and bear markets, often aligning with extreme crowd behavior. Large stakeholders, often called whales, tend to wait for periods of heightened greed or fear before making significant moves in the market.
- Bitcoin whale transactions down 33.6% since March-April peak
- Ethereum whale transactions down 72.5% since mid-August
- Whale activity doesn’t necessarily indicate market direction
- Whales typically move during periods of extreme market sentiment
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