Blockchain analytics firm Santiment says a decline in Bitcoin whale activity is not necessarily a bearish sign.
Bitcoin whales have dialed back their activity since the cryptocurrency hit a new high in March and are now biding their time for the next major buying or selling opportunity, recent data suggests.
“Cryptocurrency’s whale transactions have seen a noticeable drop-off since mid-August,” blockchain analytics platform Santiment wrote in a Sept. 11 X post.
Santiment noted that Bitcoin (BTC) weekly transactions of $100,000 or more had dropped 33.6% since March 13 — the day of Bitcoin’s $73,679 all-time high.
