Blockchain data shows that whale activity in Bitcoin, XRP and other leading cryptocurrencies has dropped significantly in recent times compared to the beginning of the year.
Bitcoin, XRP Among Assets Seeing Decline in Whale Transactions
In a new post on X, analytics firm Santiment discussed what the latest trend in Whale transaction volume looks like for various leading coins in the sector.
“Whale Transaction Count” here refers to an on-chain metric that tracks the total number of transfers occurring on a given cryptocurrency network that are worth $100,000 or more.
Transactions of this magnitude are generally thought to be carried out by whales, so the number of whale transactions reflects the amount of activity these giant creatures are involved in.
When the indicator value is high, it means that whales are making a lot of moves right now. This trend implies that large players are showing active interest in trading the asset.
On the other hand, a low figure suggests that whales may not be paying much attention to the cryptocurrency as they are not taking too many actions on the blockchain.
So, here is a chart that shows the trend of Whale transaction volumes for five major coins: Bitcoin (BTC), XRP (XRP), Ethereum (ETH), Cardano (ADA), and Toncoin (TON) over the past few months:
As the chart above shows, whale transaction volumes were at a fairly high level for Bitcoin and Ethereum back in March. Specifically, between the 13th and 19th of the month, BTC and ETH saw around 115,000 whale transfers.
This high whale activity was seen immediately after Bitcoin hit its all-time high (ATH), suggesting that large holders may have been making moves to profit from the rally.
The indicator has seen quite a significant drop in the months since then. Bitcoin recently saw 60,000 whale transactions, while Ethereum’s drop was even more dramatic, with the indicator only 32,000.
Cryptocurrencies like XRP and Cardano did not see as much whale activity in March as these two leading coins, but levels were still noticeably higher than today, suggesting that whales across the sector have paused their trading activity.
As for what this could mean for various assets, the lack of whale activity could lead to a more stagnant market, as it is the large volume of these entities that fuels volatility. Thus, Bitcoin and other coins could continue to consolidate while the whales remain stationary.
BTC price
Bitcoin fell to $57,000 yesterday, but it bounced back today and is now back around $59,000.
