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In the cryptocurrency world, whale movements are always watched with great interest. Their power to influence the market with their massive holdings makes their movements significant for market sentiment. Recently, a significant decrease in whale activities has been observed, especially in leading cryptocurrencies like Bitcoin and Ethereum. Data shared by Santiment clearly revealed this situation.
Whale Movements Decreased in the Last 5 Months
Santiment shared the following graph on X, showing a noticeable decline in whale transactions between March 2024 and August 2024. In mid-March, 115,100 whale transactions were recorded for Bitcoin, the flagship of cryptocurrencies, while this number dropped to 60,200 by the end of August.
A similar trend is seen for Ethereum as well. Accordingly, Ethereum whale transactions fell from 115,100 to 31,800 in the same period. Although the decline inevitably causes concern among investors, there are different perspectives on the matter.
Decrease in Whale Activity Linked to Reduced Market Volatility
At first glance, the decrease in whale activity might create an expectation of a decline in market prices. However, this situation is associated with reduced market volatility. Generally, whales are active during periods of high market fluctuations and prefer to withdraw during stable periods. In this context, the current decline is thought to indicate that the market has entered a stable period.
Evaluating the decrease in whale activity, Santiment suggested that whales are currently slowly accumulating their assets. The withdrawal of whales, which is a concern for investors, is considered a sign that Bitcoin and Ethereum have potential for future growth. The current strategy of whales may indicate that they expect a potential bull movement in the market.
As whales continue to withdraw from the market, Bitcoin’s price is also struggling to surpass the $60,000 level. BTC is trading at $59,000. The zigzag movements of BTC’s price have not only frustrated small investors but also seem to have tired the whales. However, since whales are holding onto their assets and waiting, they might have received signals of a price increase for BTC in the upcoming period.
