Whale Activity in Crypto Markets Dips: Santiment

According to a recent post on X by Santiment, there has been a noticeable decline in whale transactions since mid-August.

Bitcoin: The number of transfers exceeding $100,000 has decreased by 33.6% since its peak in March/April. Ethereum: Similarly, transfers exceeding $100,000 have dropped by 72.5% since their peak in March/April.

While this may not necessarily be a bearish signal, analysts suggest that whales are equally active during bull and bear markets. However, the current trend indicates that these large players are holding back and waiting for the right time to make their next move amidst the extreme greed or fear prevalent in the market.

Since Bitcoin reached its all-time high six months ago, the market has become highly sensitive to moderate fluctuations. Based on sentiment patterns, a return to $70,000 could trigger significant FOMO (fear of missing out), while a drop to $45,000 might cause severe FUD (fear, uncertainty, and doubt).