TechFlow news, on September 12, according to Cointelegraph, blockchain analytics firm Santiment's latest data shows that since Bitcoin hit its all-time high of $73,679 on March 13, the number of weekly Bitcoin transactions exceeding $100,000 has dropped by 33.6%. In contrast, Ethereum’s decline in large transactions during the same period was more significant, reaching 72.5%. Santiment noted that currently, Bitcoin whales (wallets holding at least 10,000 BTC) are conducting 29,624 fewer weekly transactions compared to the peak in March. Analysts believe this reduced activity is not necessarily a bearish signal, as whales may remain active regardless of bull or bear markets.
Some analysts suggest Bitcoin might have further downside before reaching the bottom of this cycle. Markus Thielen, head of research at 10x Research, predicted on August 7 that Bitcoin could fall to as low as $40,000, which might be an "ideal entry point for the next bull run." Santiment stated that if Bitcoin drops to $45,000, it could trigger panic sentiment; however, a return near $70,000 could spark widespread FOMO buying.
Despite market volatility, most cryptocurrency traders are not overly concerned. Ajeet Khurana, founder of Reflexical, said: "During times of market turbulence, people easily lose sight of the bigger picture. While Bitcoin's price fluctuates, focus on fundamentals, stay rational, and maintain a long-term perspective. Real value stands the test of time." Cryptocurrency analyst Daan Crypto Trades also noted: "We've experienced quite a bit of volatility in recent weeks, but these are things we're used to."
