U.Today - Prominent crypto analyst Ali Martinez has observed a significant decline in Bitcoin whale activity since March 14, sparking speculation about its potential impact on BTC price. Martinez's analysis, supported by accompanying charts, reveals a notable drop in transactions involving sums exceeding $100,000, following Bitcoin's surge to a new high of $73,750 per BTC.
Data from Martinez's charts highlights that over the past 24 hours, transactions above $100,000 amounted to 2,896, with those surpassing $1 million totaling 521. Prior to Bitcoin's peak, whale activity exhibited a proportional increase, peaking at around 4,500 daily transactions valued at a million dollars or more, and approximately 24,500 transactions exceeding $100,000.
Source: Ali MartinezMartinez suggests that the absence of substantial whale activity could be contributing to Bitcoin's recent price stagnation, as the cryptocurrency struggles to maintain momentum amid diminishing volatility. The analyst's observations raise questions about the role of large-scale investors in driving market dynamics, particularly in light of their reduced participation.
The decline in whale activity presents a divergence from previous patterns, where heightened transaction volumes by major players often coincided with significant price movements. Martinez's assessment hints at the possibility of a resurgence in whale transactions serving as a catalyst for renewed bullish sentiment in the Bitcoin market.
As investors and crypto enthusiasts keep a close watch on Bitcoin's movements, all eyes are now on whether the reemergence of whale activity will indeed serve as the catalyst for a bullish trend in the crypto market.
This article was originally published on U.Today