Santiment posted a viral tweet today where they, through their on-chain data analysis, revealed interesting patterns in how the upcoming US presidential election is influencing Bitcoin whale behavior.
The on-chain data shows some fascinating whale activity patterns over the past few months. Back in August, when Bitcoin was hovering around $50,000, large holders were actively accumulating the cryptocurrency. However, the story changed dramatically by late October, when Bitcoin touched $72,000 – these same whales started taking profits, suggesting they saw this as an opportune moment to sell.
Looking at transactions worth over $1 million (typically associated with whale activity), we can see clear spikes around these key price points. After October 29, though, there was a notable drop in these large transactions, coinciding with Bitcoin’s retreat from its peak.
With this week being headlined by the US announcing the results of a particularly polarizing election (to say the least), crypto traders are 'expecting the unexpected'. This is particularly true with Bitcoin's whales, which have been showing declining amounts of transfers… pic.twitter.com/nvhVAb5jAP
— Santiment (@santimentfeed) November 4, 2024
Perhaps the most intriguing aspect of current whale behavior is their apparent wait-and-see approach as the US election draws closer. According to Santiment’s analysis, these large holders seem to be taking a step back, allowing smaller traders to make the first moves in this period of political uncertainty.
This passive stance from whales doesn’t necessarily signal a bearish outlook. Instead, it suggests these sophisticated investors are being strategic, possibly waiting to see how the market reacts to the election outcome before making their next moves. Historically, when whales do become active, their transactions often coincide with significant price reversals in the market.
Read also: Top Analyst Links Bitcoin (BTC) Price Decline to Possible Kamala Harris Election Victory, Predicts Further Lows
The data suggests that whale behavior remains a crucial metric for understanding Bitcoin’s potential price movements, especially during major political events like the upcoming election. For now, these large holders appear content to watch from the sidelines as the political drama unfolds.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
The post Election Uncertainty Freezes Bitcoin Whales: Could a Big Move Be Near for BTC Price? appeared first on CaptainAltcoin.
