The world’s largest cryptocurrency Bitcoin (BTC) has faced strong selling pressure and is currently holding under $17,000 levels. Another major development is that the whale interest in Bitcoin has been declining which could be a sign of worry going ahead.
Bitcoin’s $1 million value transactions have touched a two-year low and whales have been showing very little interest in either dumping or accumulating Bitcoins. On-chain data provider Santiment noted:
Bitcoin’s ranging prices have a lot to do with declining whale interest. This chart illustrates how closely $BTC and $1M+ valued whale transactions correlate. If prices continue sliding and a spike occurs, this would be a historically #bullish signal.
This scenario is true not only for big whales but even for mid-sized whales. The total number of large transactions on the BTC network with values greater than $100,000 has just touched a new yearly low of 8040 transactions. It clearly reflects the low whale and institutional activity on the BTC network.
Along with the whale activity, other on-chain data shows that investors’ interest in buying BTC has also been declining. Citing data from IntoTheBlock, crypto analyst Ali Martinez reported:
“Data from @intotheblock shows the number of new addresses created on the $BTC network has been trending down. It has decreased by 8.16% in the past seven days. This network activity suggests that investors aren’t interested in buying #BTC at the current price levels”.
The Bitcoin Price Volatility has touched a new all-time low and thus it’s been difficult to predict in which direction the BTC price will move. Crypto analyst Ali Martinez explains: “Bitcoin sits between two significant supply walls. One at $16,600 where 1.46 million addresses hold 915K BTC and the other one at $17,000 where 1.27 million addresses hold 730K $BTC. A sustained move outside of this area will likely determine the direction of the trend”.
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