Sun, April 28, 2024 at 08:36

• 

  Joy

  • Hey Annie, guess what?

  • The Bitcoin network has been seeing a steady decline in high-value transactions over the past few weeks.

  • It's like a slow-motion movie, you know?🎥

  • 
• Annie

  • Oh, really?😮 So, what's happening with the Bitcoin price then?

  
• 

  Joy

  • Well, it's been struggling to break out of consolidation throughout April.

  • It's like it's stuck in a rut.

  • Last week, it even struggled to hold above $67,000 despite touching that level multiple times.

  • It's down by more than 2% in the last seven days.😕

  • 
• Annie

  • That doesn't sound too good...😔 What could be the reason for this underwhelming performance?

  
• ADward

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• 

  Joy

  • Well, according to some on-chain data, this might continue unless there's a turnaround in network activity.

  • You know, like more transactions and stuff.🔄

• Annie

  • Hmm...

  • I see.🤔 And what about the Bitcoin whales?

  • Are they still active?

  
• 

  Joy

  • Actually, their activity has been declining for the past six weeks.

  • This was revealed by crypto analyst Ali Martinez using Santiment's Whale Transaction Count metric.

  • It tracks the number of BTC transactions worth more than $100,000 and $1 million.📉

• Annie

  • Oh no!

  • That doesn't sound good at all!😟

  
• 

  Joy

  • Yeah, it's not the best news.

  • This decline started on March 14, the same day Bitcoin hit a new all-time high price of $73,737.

  • But there's hope!

  • 

  • If there's an increase in high-value transactions, it could boost the price of BTC.🚀

• Annie

  • That's a relief!😅 Is there any other good news?

  
• 

  Joy

  • Actually, yes!

  • Despite the choppy market, the number of active Bitcoin wallets is increasing rapidly.

  • According to Santiment, the number of these non-empty BTC wallets has climbed by more than 2.5% in the last three months.🎉

  • 
• Annie

  • Wow, that's great!🥳 So, overall, is this news good or bad?

  • How will it affect the market?

  
• 

  Joy

  • Well, Annie, it's a bit of a mixed bag.

  • The decline in high-value transactions and whale activity is definitely not good for Bitcoin.

  • It could lead to further price drops if it continues.

  • But on the bright side, the increase in active wallets suggests that demand for Bitcoin is still growing.

  • So it's not all doom and gloom!😌

  • To sum up, this article is considered a 😱Bearish for investors!!