Bitcoin (BTC), XRP, and Other Top Cryptocurrencies Witness Notably Lesser Activity from the Whales Recently

In a new post on X, the on-chain analytics firm Santiment has discussed about how the latest trend in the Whale Transaction Count has been looking

On-chain data from Santiment shows that Bitcoin, XRP, and other top cryptocurrencies have seen significantly less activity from whales recently compared to earlier this year.

The "Whale Transaction Count" tracks the number of cryptocurrency network transfers valued at $100,000 or more, which are typically attributed to whales. A high indicator value signifies active large-scale trading interest, while a low value indicates minimal whale activity.

The chart below compares the Whale Transaction Count for Bitcoin (BTC), XRP (XRP), Ethereum (ETH), Cardano (ADA), and Toncoin (TON) over the past several months.

After Bitcoin's all-time high (ATH) price in March, both BTC and ETH experienced high whale activity, with around 115,000 whale transfers observed for both coins between the 13th and 19th of the month. This activity is likely linked to whales cashing in on the rally.

However, the metric has since declined significantly, with Bitcoin currently seeing around 60,000 whale transactions and Ethereum's drawdown being even more drastic, with the indicator showing only 32,000 transactions.

While XRP and Cardano saw lower whale activity in March compared to the top two coins, the levels were still noticeably higher than today, indicating a pause in trading activities by whales across the sector.

A lack of whale activity can result in a less volatile market, as the large volume from these entities is a key driver of volatility. In this regard, Bitcoin and other coins may continue their consolidation as long as the whales remain inactive.

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