The daily activity of Bitcoin (BTC) whales has seen a decline amidst prevailing market sentiment characterized by extreme greed.
As per Santiment’s data, transactions by whale accounts involving at least $100,000 worth of BTC have dropped by 17.5% in the last 24 hours, falling from 24,313 to 20,048 unique transactions per day.
This reduction in whale activity coincides with a 0.6% decrease in the Bitcoin price over the same period. Presently, the flagship cryptocurrency is valued at $66,750, with a market capitalization of $1.31 trillion.
Additionally, Bitcoin’s 24-hour trading volume has experienced a significant decline of 42%, currently standing at approximately $59 billion.
Despite the decrease in whale transactions, the market continues to exhibit signs of extreme greed, as indicated by the fear and greed index reaching 88. Bitcoin reached a new all-time high of $69,170 on March 5 when the greed index was at 90.
According to Santiment, Bitcoin’s total open interest (OI) has slightly increased from $10.76 billion to $10.83 billion within the last 24 hours. However, the total funding rate has declined from 0.08% to 0.04% during the same period.
This suggests that while Bitcoin’s total OI may have risen with short positions, the number of trades betting on a price decline has also increased.
Data from Coinglass reveals that Bitcoin liquidations surpassed $80 million in the past 24 hours, with $50.88 million coming from long positions and $28.93 million from shorts.
Furthermore, Bitcoin’s Relative Strength Index (RSI) has risen from 73 to 76 within the past day, indicating high volatility in the digital currency’s price movements.
To sustain bullish momentum, Bitcoin’s RSI would ideally need to retreat below the 60 mark, signaling a decrease in price volatility. An RSI below 50 would suggest a further decline in BTC’s price volatility.
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