he whales are large investors holding a high amount of BTC, and since March 2023, when Bitcoin reached its all-time high, whales have markedly slacked in their activities.
This recent slump in whale activity has been taken into account by blockchain analytics firm Santiment, stating that the weekly transactions of $100,000 or more were down 33.6% since March 13.
Whale Activity Decline
Analysis by Santiment showed that large Bitcoin whale transactions had slumped significantly since the digital asset's peak in March. According to the company, large transactions of $100,000 or more have plunged 33.6% since March 13. For Ethereum, another large cryptocurrency, the decline is at 72.5% over the period.
That doesn't mean the bear market has reached its climax, according to Santiment. Much like the wider market sentiment, whale activity can be active in bull or bear markets; they are probably just on the sidelines, observing and waiting for the perfect moment to make their next big move to buy or sell the asset.
Market Opinion and Trend Prediction
The Crypto Fear & Greed Index keeps the sentiment in the crypto market at "fear," currently with a score of 31 out of the maximum 100. It is during these "fear" sentiments that investors are usually encouraged to buy.
Crypto traders are still optimistic about the future of Bitcoin despite the market volatility. According to some analysts, the asset still had more downside before making its cycle bottom.
The situation concerning market volatility is viewed to be a present-day reality that holds little going forward. Bitcoin has fallen 2.02% since August 12 and is currently trading at $58,043.
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