Transactions Drop Significantly
Market intelligence platform Santiment has reported a significant decline in whale activity across major cryptocurrencies like Bitcoin and Ethereum. This decline is particularly noticeable when comparing the number of large transactions (over $100,000) from earlier in the year to recent months. For instance, Bitcoin saw 115.1K transactions in mid-March, dropping to 60.2K by late August. Similarly, Ethereum's transactions plummeted from 115.1K to 31.8K over the same period.
Interestingly, Santiment suggests that this trend does not necessarily indicate a bearish market sentiment. Instead, whale transactions often spike during times of market volatility. Despite the reduced transaction numbers, data reveals that whales continue to accumulate assets, albeit at a slower rate.
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