The post Bitcoin (BTC) Whales Almost Disappear From Network, Here’s Reason Why appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. As the most recent data provided by Santiment suggests, Bitcoin whales are currently distancing themselves from the market, with their activity plummeting towards 2024’s lows. Unfortunately, it could be an indicator of an upcoming surge of selling pressure if BTC stays relatively neutral. While Bitcoin’s 100+ BTC whale wallets continue to hold a high level of coins, totaling 11.79 million BTC, whale activity has dropped to its lowest level of 2024. There are currently 15,907 wallets holding at least 100 coins. Whenever the metric rises, we see a surge of renewed demand among whales, which should directly affect the performance of Bitcoin. Interestingly, the drop in whale activity could also be seen as a positive sign for the market. With fewer whales actively trading, the market might experience less volatility. When whales make large transactions, they can significantly impact the market, causing sudden price swings. Reduced activity among these large holders can lead to a more stable and predictable market environment, but this is not why people trade and hold cryptocurrencies. Related Additionally, less whale activity might indicate that these large holders are content with their current positions and are not looking to liquidate their holdings. This could suggest long-term bullish sentiment, as whales often have a better understanding of market dynamics and trends. Their decision to…

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Filed under: News - @ May 19, 2024 4:02 am