Bitcoin whale transactions dropped 33.6% since March/April, reflecting a slowdown in high-value market activity.
Ethereum whale transactions plummeted 72.5%, signaling large investor caution during recent market uncertainty.
Whale activity decreases across Bitcoin and Ethereum indicate cautious behavior from large investors amid market retracement.
Whale transactions in the cryptocurrency market have seen a noticeable decrease since mid-August, particularly in Bitcoin and Ethereum, according to recent data. This trend follows the March and April 2024 peaks when whale activity reached its highest levels, but has since cooled off significantly. The reduction in high-value transactions reflects the cautious behavior of large investors during this period of market uncertainty.
Bitcoin's Whale Activity Observed
During the March and April peak, Bitcoin experienced 88,163 whale transactions, coinciding with a peak in Bitcoin’s price. This period marked a high point for whale engagement, driving momentum in the market.
However, since mid-August 2024, whale activity in Bitcoin has slowed, with the number of transactions dropping to 58,539 per week. The market has also reflected this decrease in whale participation, aligning with a broader slowdown in price movement and market enthusiasm.
Ethereum Whale Transactions Drop Sharply
Similar patterns have been observed in Ethereum’s whale activity, with a notable drop in high-value transactions. In March and April 2024, Ethereum saw 108,596 whale transactions, marking the peak of both price and whale involvement.
By mid-August 2024, this figure had fallen to 29,864 weekly transactions, reflecting a significant retreat by large investors. This trend mirrors the broader market retracement, as Ethereum prices have also experienced a decline.
Market Sentiment and Investor Caution
The drop in whale transactions across both Bitcoin and Ethereum indicates a broader market sentiment of caution. While whales can be active in both bull and bear markets, the current decline suggests that large investors are waiting for more favorable conditions.
This retreat coincides with a market slowdown and reflects uncertainty as investors monitor the market for signs of crowd sentiment shifts.As of today, Bitcoin is valued at $56,926.86, with a 0.17% increase over the past 24 hours and a 2.04% decline in the past week. Ethereum’s price stands at $2,342.23, showing a 0.17% increase over the last 24 hours, though down 5.20% for the week.
The post Bitcoin & Ethereum Whale Transactions Drop Amid Market Uncertainty appeared first on Crypto News Land.
