Bitcoin Whale Trading Volume Down 33.6% After Record High

Ethereum and Bitcoin Whale Trading Volume Declines: BTC Down 33.6%, ETH Down 72.5%

According to current data, Bitcoin whales have reduced their activity since the cryptocurrency reached a record high in March and are waiting for the next significant buying or selling opportunity. Santiment, a blockchain analytics platform, reported that since March 13, when Bitcoin reached its all-time high of $73,679, weekly transactions of $100,000 or more have decreased by 33.6%. Ether experienced an even more notable decrease of 72.5% during the same time frame it was added.

Cryptocurrency’s whale transactions have seen a noticeable drop-off since mid-August,

Santiment

Could Bitcoin Fall to $40,000? Whales Watch Fear and FOMO Opportunities

Whales can be just as active in bull and bear markets, so this isn’t always a bad indication, the analytics firm pointed out.

Large key stakeholders continue to bide their time as they wait to make their next moves during times of extreme crowd greed or fear.

Santiment

With its current score of 31 out of 100, the Crypto Fear & Greed Index shows that the overall attitude in the cryptocurrency market is still one of fear. Most investors see fear in the market as a chance to make a purchase. Some analysts believe that Bitcoin still has the potential to sink before reaching its cycle bottom, despite the fact that it has dropped by 0.97% since August 13 and is presently trading at $58,360.

According to Markus Thielen, head of research at 10x Research, on August 7, Bitcoin should drop to the 40,000s in order to perfectly time the next bull market entry. According to Santiment, if Bitcoin drops to $45,000, it may cause fear, uncertainty, and doubt (FUD), but if it rises back to roughly $70,000, it may cause a significant case of FOMO.

For more up-to-date crypto news, you can follow Crypto Data Space.