In addition, the associated price action and current high Social Dominance indicator also point to a potential slowdown in the rally due to profit-taking and fear of missing out (FOMO) among traders.
It is worth noting that the latest peak in the Whale Transaction Count is the highest since early August. On-chain data from Saintly suggests that Bitcoin whale transactions have boostd recently, especially following the latest rally in BTC prices. The “Whale Transaction Count” metric, which tracks the total amount of transfers on the BTC blockchain with a value of at least $100,000, has seen a notable spike recently.
These large holders are making a large number of moves on the network, implying that they are actively trading the coin.
Bitcoin Whale Transaction Count Spikes Following Rally: Sign of Profit-Taking? It remains to be seen how these current indicators will affect the price of Bitcoin moving forward.
Since the spike, however, BTC has slid down below $67,000, which supports the idea that whales may be taking profits. Historically, excessive hype has been a poor sign for BTC, with tops often following it.
