TechFlow reports, on November 4, data from cryptocurrency analytics platform Santiment showed that transaction activity among Bitcoin whales—addresses holding over $1 million worth of Bitcoin—has noticeably cooled recently, closely tied to the upcoming U.S. election results. Cryptocurrency traders are generally adopting a cautious stance toward the U.S. election outcome, with "expecting the unexpected" becoming the prevailing sentiment.
On October 29, as Bitcoin's price approached $72,000, whale transaction activity briefly spiked, possibly indicating that some large holders chose to take profits. Since Bitcoin hit its $72,000 peak on October 29, whale transaction volume has significantly declined.
Santiment noted that reduced whale activity does not necessarily signal a price drop. On the contrary, it often suggests that major players are waiting for retail traders' reactions to significant events and the resulting market volatility before deciding whether to re-enter the market.
