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Cryptocurrency analytics firm Santiment reported a significant drop in large-scale transactions for Bitcoin (BTC) 
$80,663 and Ethereum (ETH) 
$1,588 since mid-August. Specifically, Bitcoin transfers of $100,000 or more decreased by 33.6% from their peak levels in March and April, while Ethereum transactions in the same price range plummeted by 72.5% during this period.
“Should Not Be Interpreted as a Direct Signal for Decline”
Despite the notable decline in whale activity, Santiment emphasized that this trend should not be interpreted as a direct signal of market downturn for the cryptocurrency sector. Whale transactions, involving large investors or key stakeholders, are not typically confined to bull or bear markets. Instead, these major players often wait for the right moment, making strategic moves during periods of heightened market sentiment, such as increased greed or fear among general investors.
The current picture signaling a cautious approach among whales is particularly significant given the market’s sensitivity dynamics. Since Bitcoin reached its all-time high six months ago, investors have shown increased sensitivity even to medium-sized price fluctuations.
FOMO and FUD Thresholds Revealed
On the other hand, according to Santiment’s sentiment analysis, Bitcoin’s potential approach towards the $70,000 level is likely to lead to a noticeable increase in FOMO (Fear of Missing Out) among retail investors. Conversely, a significant drop towards $45,000 could create substantial FUD (Fear, Uncertainty, and Doubt), resulting in panic selling and increased volatility.
Santiment’s findings illustrate that whales are carefully monitoring the sentiment-driven reactions across the market. Their current inactivity in making large transactions reflects a strategic wait-and-see approach, allowing them to capitalize on extreme market sentiments at more opportune times. This behavior underscores the importance of sentiment analysis in the cryptocurrency market, where crowd psychology often drives significant price movements.
As of the time of reporting, BTC traded at approximately $58,000, reflecting a 2.22% increase over the last 24 hours, while the altcoin king, ETH, rose by 0.95% to $2,349.
