Bitcoin whales reduce activity, reflecting caution with the U.S. election and market volatility.
Whale activity shifts from August accumulation to October profit-taking as Bitcoin nears peak.
Key Bitcoin support level at $68K as analysts warn of volatility amid FED and election impact.
As the U.S. readies for the high-stakes election announcement this week, crypto traders expect heightened market activity, especially in Bitcoin trading. Data from Santiment shows that large Bitcoin holders are scaling back on transactions.
Historically, increased whale transactions have signaled potential price reversals in the crypto market. However, Santiment data indicates that the current cautious whale behavior doesn’t necessarily predict a downturn but rather reflects a careful approach in response to anticipated market shifts.
Whale Activity and Market Sentiment
In August, a shift in whale activity was observed when Bitcoin was around $50,000. According to Santiment, this rise in transaction volumes coincided with an increase in Bitcoin’s price over the following months.
By late October, however, the trend reversed.…
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