Bitcoin Whale Activity Declines Amid Market Uncertainty

By: Eliza Bennet

The Bitcoin network has noticed a significant drop in higher-value transactions in recent weeks, reflecting in Bitcoin's price performance that has been struggling since April. Despite multiple attempts, the premier cryptocurrency has failed to stay above the $67,000 mark, as per CoinGecko data.

This decline is linked with the falling activity of Bitcoin whales, entities holding a substantial quantity of Bitcoin. High-value transactions and related activity can significantly influence the market, often leading to speculation and remarkable price shifts. An analysis shows that Bitcoin whale activity started receding from March 14, which also marked a new all-time high for Bitcoin with a value of $73,737.

Despite the slump, a surge of high-value transactions could stir up the price of Bitcoin. An increase in network activity is seen as high demand for Bitcoin, thus lifting the value.

Simultaneously, Santiment reports a steady growth in active Bitcoin wallets, indicating an increase in demand despite the volatile market conditions. The number of these 'non-empty Bitcoin wallets' has grown by more than 2.5% in the last three months, signaling a potential bullish future for Bitcoin.