Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Bitcoin Whale Transactions Drop Amid Market Volatility, Analysts Remain Optimistic

Bitcoin Whale Transactions Drop Amid Market Volatility, Analysts Remain Optimistic

CryptodnesCryptodnes2024/09/13 07:45
By:Cryptodnes

Since Bitcoin reached a new peak in March, significant holders of the cryptocurrency have been reducing their holdings.

While this trend might suggest bearish sentiment, it may not be as concerning as it appears.

According to Santiment, a blockchain analytics firm, there has been a significant drop in high-value Bitcoin transactions by major stakeholders.

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

🪙 Bitcoin: -33.6% drop in $100K+ transfers since March/April peak
🪙 Ethereum: -72.5% drop in $100K+ transfers since March/April peak

This isn’t necessarily a bearish signal. Whales can be… pic.twitter.com/iGNRt2roPL

— Santiment (@santimentfeed) September 11, 2024

The firm reported a 33.6% decrease in weekly transactions over $100,000 since mid-August. This decline follows Bitcoin’s surge to a new high earlier in the year.

READ MORE:
Global Crypto Activity Surges in 2024, Boosted by U.S. Bitcoin ETFs

In March, there were 88,163 weekly transactions of $100,000 or more. By mid-August, this number had dropped to 58,539.

Despite the reduced activity, Santiment points out that this does not necessarily indicate a negative outlook. Large holders often adjust their trading strategies based on market conditions, whether bullish or bearish.

Currently, market sentiment remains cautious, with the Crypto Fear Greed Index reflecting widespread apprehension. Analysts suggest that the ongoing volatility might be a temporary phase and that Bitcoin’s large holders are likely waiting for more favorable conditions to make their next moves.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!