Bitcoin whale activity has indeed declined, with the number of whale transactions consisting of at least $100,000 worth of BTC dropping by 33% over the past 24 hours.¹ This decline in whale activity comes as the Bitcoin price remains stable near the $67,000 mark.
According to data from Santiment, the number of daily active addresses has also decreased, falling from 898,850 addresses to 866,140 active wallets over the past 24 hours. Additionally, the Bitcoin Relative Strength Index (RSI) is hovering around the 60 mark, indicating that Bitcoin is slightly overheated but still in good condition.
It's worth noting that the decline in whale activity might not necessarily be a bearish sign. In fact, some analysts believe that this could be a sign of increased institutional investment or a strategic move to influence the market.² As always, the cryptocurrency market is highly volatile, and prices can fluctuate rapidly.