Cryptocurrency analytics firm Santiment reports that Bitcoin whales are exhibiting decreased activity ahead of the US election results, suggesting they are “expecting the unexpected” in this highly polarized political climate. While crypto traders anticipate heightened volatility, large Bitcoin holders have shown a decline in large transactions since a spike last week.
Santiment highlights that spikes in whale Bitcoin transactions often signal potential price reversals for the broader cryptocurrency market. However, the current passivity among whales doesn’t necessarily indicate an impending price drop, a common misconception according to the firm.
Instead, Santiment suggests that this behavior indicates whales are likely observing market reactions to the election results and the volatility generated by smaller traders before making their own moves. They appear to be waiting for clearer signals before “joining the party.” This watchful approach underscores the uncertainty surrounding the election’s impact on the crypto market and the strategic positioning of large Bitcoin holders.
