In a recent analysis, Santiment, a cryptocurrency analysis firm, shifted its focus to the behavior of significant whales in the crypto market. With Bitcoin surpassing the $70,000 market cap briefly and Ethereum hitting the $4,000 mark for the first time in over two years, Santiment considers it an appropriate moment to explore the actions of prominent whales for top market cap assets in the crypto space. According to Santiment, cryptocurrency prices exhibit fluctuations due to various factors, with a key emphasis on monitoring the behavior of large whales and minor majority holders. The firm highlights that prices typically align with the accumulation or liquidation of assets by significant whales, while they move inversely to actions taken by smaller majority asset owners.

Santiment's analysis delves into the activities of whale and shark wallets, commonly classified as wallets valued at over $100,000, as they amass and dispose of leading assets. Concerning Bitcoin, Santiment reports that marginal declines in BTC held by sharks and whales do not raise significant alarms. Despite a slight decrease over the past two months, the long-term trend of accumulation by these wallets remains robust, with a substantial acquisition of 187,960 BTC since January 27.

The analysis by Santiment discloses a decline in whale activity spanning approximately three months, starting several weeks before Bitcoin's all-time high on March 14. The decrease, however, may not indicate adverse developments as it could signify a dearth of notable profit-making or accumulation opportunities for significant whales.

When focusing on altcoins, Santiment notices positive trends among wallets holding over 10 million XRP (equivalent to $5.1 million or higher), with these wallets adding 3.17 billion additional coins since the market bottom 16 months ago. Nevertheless, the outlook for Chainlink appears less optimistic. Wallets containing more than 100 thousand LINK (approximately $1.8 million or above) have experienced a decline over the past four years. Although a minor accumulation rebound of +17.27 million LINK occurred in the last six months, Santiment suggests that a stronger vote of confidence from these significant whales would be necessary to justify sustained increments.

*Disclaimer: This article does not constitute investment advice.