Such a trend implies these humongous holders have an active interest in trading the coin. Thus, Bitcoin’s mindshare is currently high when compared to that of the altcoins. Additionally, the Social Dominance has spiked to 25.5% for the cryptocurrency, which is the highest value since late July. The indicator of relevance here is the “Whale Transaction Count,” which tracks the total amount of transfers taking place on the BTC blockchain that are carrying a value of at least $100,000.
When the value of this metric is high, it means the whales are making a large number of moves on the network right now. Featured image from Dall-E, Santiment.net, and chart from TradingView.com
On the other hand, the indicator being low suggests the whales may not currently be paying much attention to the cryptocurrency as they aren’t making too many transactions.
The latest peak in the metric is the highest that the indicator has gotten since early August. At the time of writing, Bitcoin is trading at around $66,900, up more than 9% over the last week.
Looks like the price of the coin has been going up over the last few days. Back then, the spike had coincided with a crash in the asset’s price, implying that a lot of the whales’ moves may have had been for selling. The analytics firm has noted that both of these signals are signs that the rally may be on hold due to key stakeholder profit taking and high crowd FOMO. The current boost in the Whale Transaction Count has come as Bitcoin has been rallying, so it’s possible that the whales may be participating in profit-taking again.
Since the spike occurred, BTC has slid down under $67,000, which may add evidence for this.
Title: Bitcoin Whale Transactions Soar Amidst Recent Rally, Indicate Possible Profit-Taking
According to data from the on-chain analytics firm Santiment, the Bitcoin whales have demonstraten an boost in activity recently.
