Bitcoin whales have dialed back their activity since the cryptocurrency hit a new high in March and are now biding their time for the next major buying or selling opportunity, recent data suggests.

“Cryptocurrency’s whale transactions have seen a noticeable drop-off since mid-August,” blockchain analytics platform Santiment wrote in a Sept. 11 X post .

Bitcoin whales cut back on activity

Santiment noted that Bitcoin ( BTC ) weekly transactions of $100,000 or more had dropped 33.6% since March 13 — the day of Bitcoin’s $73,679 all-time high.

It added Ether ( ETH ) saw an even more significant decline of 72.5% over the same period.

Bitcoin whale transactions see ‘noticeable’ drop since March price peak image 0

Bitcoin whales are now making 29,624 less transactions per week than they were in the March peak. Source: Santiment

The analytics firm highlighted that this isn’t necessarily a bearish sign, as whales — wallets holding at least 10,000 BTC — can be just as active in both bull and bear markets.

It added that “large key stakeholders continue to bide their time as they wait to make their next moves during times of extreme crowd greed or fear.”

The overall sentiment in the crypto market remains at “fear,” according to the Crypto Fear Greed Index , which currently has a score of 31 out of a total possible of 100.

Investors typically see fear in the market as an opportunity to buy. While Bitcoin has been down 0.97% since Aug. 13, trading at $58,360, some analysts believe that the asset has more downside before reaching its cycle bottom.

Bitcoin whale transactions see ‘noticeable’ drop since March price peak image 1

Bitcoin is down 0.97% over the past 30 days. Source: CoinMarketCap

On Aug. 7, 10x Research head of Research Markus Thielen said  that Bitcoin should fall to the “low 40,000s” to ideally time the “next bull market entry.”

Santiment said if Bitcoin plunges down to $45,000, it could trigger fear, uncertainty, and doubt (FUD) but might trigger a major fear of missing out (FOMO) if it climbed back to around $70,000.

Crypto traders not concerned about market volatility

Meanwhile, crypto traders expect the current market volatility to be short-term and nothing they haven’t seen before.

Reflexical founder Ajeet Khurana explained in a Sept. 11 X post , “In times of market turbulence, it’s easy to lose sight of the bigger picture.”

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“Bitcoin price is volatile, but focus on fundamentals, stay grounded in common sense, and keep a long-term vision. True value stands the test of time,” Khurana stated.

“Quite a lot of volatility but nothing we’re not used to the past few weeks,” pseudonymous crypto trader Daan Crypto Trades added .

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.