Bitcoin Whales Show Downward Momentum, Selling Pressure from Smaller Whales
The price of Bitcoin (BTC) has experienced a slight decline as whale activity continues to show downward momentum. Market analysis company CryptoQuant reports that the whales who led the downward trend in July 2022 have been relatively quiet recently. These whales hold between 1,000 and 10,000 Bitcoins. The current selling pressure, according to CryptoQuant, is coming from whales holding between 10 and 100 BTC.
In addition, data from market intelligence platform Santiment reveals that the number of whale transactions worth at least $100,000 in Bitcoin has been steadily declining since November 1, experiencing a 65% decrease.
Hot Take: Decreasing Whale Activity May Indicate Stabilization
The recent decline in whale activity and selling pressure in the Bitcoin market could suggest a potential stabilization in prices. With the larger whales remaining relatively quiet, it is the smaller whales holding between 10 and 100 BTC who are exerting selling pressure. However, data from Santiment also shows a significant decrease in whale transactions involving large sums of Bitcoin. This indicates a reduced interest from institutional investors or big players, which could contribute to a more balanced and stable market. As the crypto market continues to evolve, monitoring whale activity remains crucial for understanding price trends and market dynamics.
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