Bitcoin and Ethereum Whale Transactions Have Declined
CryptoNewsTerminal Staff02 Sep, 2024
Bitcoin and Ethereum Whale Transactions Have Declined
Whales are entities that hold large amounts of cryptocurrency. Their transactions can significantly impact the market. According to data from the cryptocurrency on-chain analytics platform Santiment, the number of recent on-chain transactions by Bitcoin (BTC) and Ethereum (ETH) whales has noticeably decreased. Between the 21st and 27th of last month, the number of on-chain transactions worth more than $100,000 by BTC whales stood at 60,000, down from 115,000 recorded between the 13th and 19th of March. During the same period, the number of on-chain transactions worth more than $100,000 by ETH whales also fell significantly, from 115,000 in March to 31,000. Santiment explained that "the decrease in whale activity does not necessarily mean a price drop. However, increased whale activity tends to increase volatility."
