According to data from blockchain analytics platform Santiment, Bitcoin whale transaction volume has significantly decreased since Bitcoin reached its all-time high in March. In a September 11th X post, Santiment stated, "Crypto whale trading activity has seen a clear decline since mid-August." Since Bitcoin hit its peak of $73,679 on March 13th, the weekly volume of Bitcoin transactions worth $100,000 or more has decreased by 33.6%.

Santiment emphasizes that this is not necessarily a bearish signal, as whale holders remain active throughout market cycles. With market sentiment still in a state of "fear," investors are awaiting the next opportunity to buy or sell.