Bitcoin well trades have seen a ‘noticeable’ decline since the March price spike.
Bitcoin whales have dialed back their moves and are now biding their time for the next major buying or selling opportunity, with the crypto-currency reaching new highs, according to recent data.
“Cryptocurrency whale transactions have seen a significant decline since mid-August,” blockchain analysis platform Sentiment wrote in a September 11 X post.
Bitcoin whales have slowed down
Bitcoin (BTC) weekly transactions of $100,000 or more have fallen 33.6% since March 13 – Bitcoin's all-time high of $73,679.
Ether (ETH) showed a decrease of 72.5% during the same period.
Bitcoin whales are making 29,624 fewer transactions per week than at the peak of March. Source: Santiment
The analytics firm highlighted that this is not necessarily a bearish sign, as whales – wallets holding at least 10,000 BTC – can also be active in both bull and bear markets.
He added: “Large key stakeholders will continue to spend their time waiting to make their next move when there is high public greed or fear.”
According to the Crypto Fear and Greed Index, the overall sentiment in the crypto market remains at “Fear”, which currently has a score of 31 out of 100.
Investors typically see fear in the market as a buying opportunity. Since August 13, Bitcoin has decreased by 0.97%, trading at $ 58,360, some analysts believe that the asset is even lower before the end of the cycle.
Bitcoin is down 0.97% in the last 30 days. Source: CoinMarketCap
In the year On August 7, Markus Thielen, head of research at 10x Research, said that Bitcoin would need to fall to the “low 40,000s” to make the “next bull market entry.”
Sentiment said that if Bitcoin falls to $45,000, it may cause fear, doubt, and skepticism (FUD), but if it rises to around $70,000, it may cause fear of missing out (FOMO).
Crypto traders don't worry about market volatility
Meanwhile, crypto traders expect the current market volatility to be short-term and unprecedented.
“In times of market turmoil, it's easy to lose sight of the big picture,” explained Attitude founder Ajeet Khurana in a September 11 X post.
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“The price of Bitcoin is volatile, but focus on the fundamentals, stay on the mental side and maintain a long-term vision. True value is the test of time,” Khurana said.
“Lots of volatility but nothing we haven't experienced in the last few weeks,” added crypto trader Diane CryptoTrades.
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This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
