Declining Bitcoin Whale Activity: The Need for a Turnaround

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The story " Declining Bitcoin Whale Activity: The Need for a Turnaround" was covered 2 weeks ago by NewsBTC, a news publisher based in United Kingdom.

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Declining Bitcoin Whale Activity: The Need for a Turnaround - NewsBTC

Quick Summary:

Source: Ali_charts/X Active Bitcoin Wallets On The Rise: Santiment An interesting piece of on-chain data that may suggest increasing demand for Bitcoin and a bullish future for its price has come to light. According to Santiment, the number of active Bitcoin wallets is increasing rapidly despite the choppy state of the market.

This is based on the reasoning that a surge in network activity could imply high demand for Bitcoin, leading to elevated prices. As shown in the chart below, the peak of the whale transaction count correlates with the new record-high price of BTC.

Martinez highlighted in his post that there has been a noticeable decline in Bitcoin whale activity since March 14, the same day the premier cryptocurrency hit a new all-time high price of $73,737.