Bitcoin Whale Activity Declining – Why A Turnaround Is Important

Name	Symbol	Market	Market Cap ($)	Algorithm
Ripple	XRPUSD	Crypto	27,268,387,525	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ripple

XRPUSD

Crypto

27,268,387,525

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.0071	-1.40%	0.4988	0.4988	0.4989

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.0071

-1.40%

0.4988

0.4989

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.5086	0.4956	0.5056	0.5059	0.399480 - 0.950000

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.5086

0.4956

0.5056

0.5059

0.399480 - 0.950000

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	00:40:10	576.84	0.4988	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

00:40:10

576.84

0.4988

USD

Price x Volume	Volume	Base Symbol	Related Pairs
9,852,706.56	19,576,979.59	XRP	XRPEUR	XRPGBP	XRPBTC

Price x Volume

Volume

Base Symbol

Related Pairs

9,852,706.56

19,576,979.59

Bitcoin Whale Activity Declining – Why A Turnaround Is Important

28/04/2024 9:17am

NEWSBTC

According to the latest on-chain revelation, the Bitcoin network has been experiencing a steady decline in high-value transactions over the last few weeks. This sluggish activity has been mirrored by the price of the premier cryptocurrency, which has struggled to break out of consolidation throughout the month of April. In the past week, the Bitcoin price struggled to hold above $67,000 despite touching the level multiple times. The price of BTC has since been in a tumble and is down by more than 2% in the last seven days, according to data from CoinGecko. Interestingly, the recent on-chain data suggests that this underwhelming price performance might persist for the market leader unless there is a turnaround, especially in terms of network activity. Can Whale Activity Push BTC Price Beyond $73,000? Prominent crypto analyst Ali Martinez took to the X platform to reveal that the Bitcoin whale activity has been declining steadily in the past six weeks. This revelation is based on Santiment’s Whale Transaction Count metric, which tracks the number of BTC transactions worth more than $100,000 and $1 million. Related Reading: Forbes Unveils 20 Crypto ‘Zombies,’ Declares Ripple And XRP Among The Undead Whales refer to entities or individuals that own substantial amounts of a particular cryptocurrency (Bitcoin, in this case). As such, they hold significant influence over market dynamics due to their capacity to execute large transactions, which can trigger speculation and potential price shifts. 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. This dip in activity has coincided with the recent underperformance of Bitcoin’s price. However, the crypto analyst mentioned that an increase in high-value transactions could breathe life into the price of BTC. 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. 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. Related Reading: NEAR Protocol Soars 7.3%, Is It Poised To Go Higher? Active Bitcoin wallets refer to the total number of unique addresses holding BTC. Santiment data shows that the number of these “non-empty BTC wallets” has climbed by more than 2.5% in the last three months. As of this writing, Bitcoin trades just above $64,000, reflecting a 1.6% price increase in the past day. BTC price breaks above $64,000 on the daily timeframe | Source: BTCUSDT chart on TradingView Featured image from Unsplash, chart from TradingView

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XRPUSD Ripple