🐳Whales are not as eager for BTC as they were in 2021 and 2022. This is demonstrated by the Volume of Large On-Chain Transactions (>$100k USD).

During the euphoria of the 2017 cycle, an average of $30 billion USD in BTC was moved, with a peak of $50 billion USD. By 2021, the average volume increased to $100 billion USD, and in 2022, it jumped to an incredible average of $250 billion USD. Additionally, a curious fact is that the highest volume recorded occurred on November 15, 2021, close to the all-time high, with $739 billion USD.

In 2024, the values hover around $50 billion USD, with the highest peak recorded in March, exactly at the all-time high, with $116 billion USD in volume.

This recent volume, although reasonable, may lead to two conclusions: one is that large players were less active between 2023 and 2024, and the other is that it may be too early to compare with previous cycles, as an increase in demand is likely until the end of 2025. In any case, the interest in moving less BTC may directly affect its future volatility and even the performance of altcoins.

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