Santiment: The number of cryptocurrency whale transactions has significantly decreased since mid-August, but it may not be a bearish signal

ChainCatcher news, Santiment posted on X that since mid-August, there has been a noticeable decline in crypto whale transactions.

• Bitcoin: The number of transfers over $100,000 has decreased by 33.6% since the peak in March/April;
• Ethereum: The number of transfers over $100,000 has decreased by 72.5% since the peak in March/April.

Analysis states that this is not necessarily a bearish signal. Whales remain active in both bull and bear markets. However, it does indicate that during times of extreme greed or extreme fear, large key stakeholders continue to wait for the right moment to take the next step.

Since Bitcoin reached its all-time high six months ago, reactions to medium-sized fluctuations have been very strong. According to sentiment patterns, a return of Bitcoin to $70,000 could be accompanied by a lot of FOMO, while a drop to $45,000 could lead to severe FUD.