According to Mars Finance, crypto market analysis agency Santiment said that since mid-August, whale trading activity in cryptocurrencies has declined significantly. Since the peak in March/April, transfers of more than $100,000 in Bitcoin have fallen by 33.6%, and transfers of more than $100,000 in Ethereum have fallen by 72.5%.
Santiment stressed that this is not necessarily a bearish sign. Whales are equally active during bull or bear markets. But it does show that in times of extreme greed or extreme fear, large key stakeholders continue to bide their time and wait for the next move.
Since BTC hit its all-time high 6 months ago, the crowd has been very sensitive to medium-sized moves. Based on sentiment patterns, a return to $70k would likely be accompanied by major crowd FOMO, while $45k would likely result in major FUD.
