Blockchain analytics firm Santiment says the decrease in Bitcoin whale activity may not negatively impact the price.

Santiment noted that since March 13th (the day Bitcoin reached its all-time high), there has been a 33.6% decrease in weekly trading volume of $100,000 or more. Ethereum experienced an even more significant decrease of 72.5% during the same period. The analytics firm emphasized that this does not necessarily indicate a decline, as whales holding at least 10,000 BTC in their wallets can be equally active in both bullish and bearish markets.

The search for direction continues in Bitcoin (BTC)

According to the Crypto Fear and Greed Index, the overall sentiment in the cryptocurrency market continues to remain at "fear" levels. The index currently stands at 31 out of a possible total of 100 points. Investors typically view fear in the market as a buying opportunity. Bitcoin is trading at $58,360, down 0.97% since August 13th, and some analysts believe that BTC will experience further declines before reaching the cycle bottom.

On August 7th, Markus Thielen, the Head of 10x Research, said that Bitcoin ideally needs to test below $40,000 for the next bull market entry. Santiment stated that if Bitcoin falls to $45,000, it could trigger fear, uncertainty, and doubt (FUD), but climbing to around $70,000 could trigger fear of missing out (FOMO) on a significant opportunity.

By the way, crypto investors are expecting the current market volatility to be short-term. Ajeet Khurana, the founder of Reflexical, explained in his article dated September 11th: 'It is easy to overlook the big picture during market turbulence.'

This article does not contain investment advice or recommendation. Every investment and trading activity involves risks, and readers should conduct their own research when making decisions.