Recent data from Santiment reveals notable trends in Bitcoin whale transactions and wallet activities for 2024. Despite holding substantial amounts of Bitcoin, whale activity has declined, raising questions about market dynamics and future trends.
As of May 15, 2024, over 60,193 whale transactions exceeding $100,000 have been made. This marks the lowest level since the last week of December 2023, which recorded 57,264 transactions. The decrease indicates a 0.48% drop compared to two months ago, with 76 fewer wallets holding 100 or more Bitcoins.
The total number of wallets holding at least 100 Bitcoins stands at 15,907. This figure reflects a stable yet slightly reduced number of significant Bitcoin holders. The substantial holdings amount to 11.79 million BTC, demonstrating the concentration of Bitcoin among a relatively small number of investors.
The price data for Bitcoin from the snapshot includes the following figures: an open price of $62,459.35, a high price of $66,442.31, a low price of $62,426.83, and a close price of $66,256.11.
Despite the reduction in large transactions, Bitcoin’s price remains resilient within the specified range. The closing price of $66,256.11 indicates market stability amid decreased whale activity.
Analyst Captain Faibik from X (formerly Twitter) has noted that Bitcoin is still moving within a bullish flag pattern. To confirm a breakout, Bitcoin needs to clear the $68,000 resistance level. Faibik suggests that once this level is breached, a new all-time high (ATH) could be expected in June.
According to CoinGecko, the current price of Bitcoin is $65,476.01, with a 24-hour trading volume of $27,440,883,585.16. This represents a slight decline of 0.61% in the past 24 hours but a 4.05% increase over the past seven days. With a circulating supply of 20 million BTC, Bitcoin’s market cap is valued at $1,289,837,397,536.
Over the past seven days, Bitcoin has seen a price increase of 4.00%, slightly underperforming the global cryptocurrency market, which has risen by 4.90%. This data indicates that while Bitcoin is experiencing growth, it is not leading the market in terms of performance.
