Blockchain analytics company Santiment notes that although the activity of Bitcoin whales has clearly dropped since the coin’s high in March, this is not always a pessimistic indication.
Since March 13, the day Bitcoin peaked at $73,679, Santiment noted on Sept. 11 that transactions exceeding $100,000 have dropped by 33.6%. Ether has suffered an even more sharp decline; in the same period, big transactions decreased by 72.5%.
Bitcoin Market Sentiment Shows Fear
Notwithstanding the delay, Santiment underlined that whales—wallets with at least 10,000 BTC—remain ready for future prospects. Usually active in both bull and downturn markets, these big players wait for times of great greed or fear to guide their next actions.
With the Crypto Fear & Greed Index scoring 31 out of 100, the general attitude in the crypto market is right now “fear.” Though Bitcoin has dropped 0.97% since mid-August, presently valued at $58,360, investors sometimes see anxiety as a buying chance.
Head of research at 10x Research Markus Thielen recently speculated that before the next bull market starts, Bitcoin would slide to the “low $40,000s”. Santiment reflected this perspective, pointing out that a dip below $45,000 could cause anxiety and uncertainty while a surge back to $70,000 might set off a fear of missing out (FOMO).
The volatility still mostly bothers crypto traders not much. While pseudonymous trader Daan Crypto Trades said the present changes are “nothing we’re not used to,” reflexical founder Ajeet Khurana suggested keeping a long-term view during market turbulence.
