Analysts Question Bitcoin Whale’s Intentions

  1. Analysts have recently questioned Bitcoin whale’s intentions in the market.
  2. Cryptoquant suggests that whale behaviour may often surprise observers.
  3. Bitcoin has been changing hands at $23,447.94 in the last 24 hours.

The total transaction count of Bitcoin (BTC) has increased significantly recently, nearly reaching the level it reached during the 2021 bull market. Therefore, analysts have questioned the whale`s intentions in the current market structure.

According to the analysts, it is important because the most recent surge was also the greatest and lasted the longest in this negative market. 

However, because of the fact that Active Addresses virtually never changed, it is clear that a very small number of whales had a significant influence on the cryptocurrency market.

Speculation from Cryptoquant suggests that whale behaviour may often surprise observers. Because of this, it can be some time before the community knows their objectives. Because there is still a chance that the economy may enter a recession, investors still need to exercise extreme caution at this time.

On the other hand, Santiment announced that Bitcoin wallets of both small and larger sizes have just purchased a significant quantity of BTC. These addresses have accumulated around 9% of their total holdings to their stashes during the last six months, and the amount they possess ranges from 0.1 Bitcoin to 100 BTC. 

The team at Santiment emphasised that this was one of the most aggressive purchase cycles in the history of crypto and that it was also one of the most significant.

Amid these reports, Bitcoin has been changing hands at $23,447.94 with a 24-hour trading volume of $29,345,591,005, according to Coinmarketcap. Bitcoin has been down 1.39% in the last 24 hours and has a market cap of $452,082,523,241.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer