- At around 04:51:56 UTC on 2 May 2022, the transaction was recorded by Whale Alert.
- Investors and traders may be concerned about a further decline in the value of BTC.
The month of May started for Bitcoin, the world’s most popular cryptocurrency, under a cloud of uncertainty. Markets sought to align themselves with central bank policy ahead of Wednesday’s announcement on US monetary policy. Investors and traders may be concerned about a further decline in the value of BTC due to these factors.
BTC Supporters Losing Faith
For the first time since the beginning of the year, April has been the worst month for cryptocurrency thus far. In light of Santiment’s findings, it’s little surprise that BTC supporters are losing faith.
As of this writing, the Bitcoin network is seeing a 12.5 to 1 ratio of profit transactions to loss transactions. In addition, traders’ confidence in BTC’s return to the $40k threshold looked below standard, according to Santiment. Currently, the “Net Transfer Volume to/from Exchanges” is below zero. However, it’s clear from the low trading volume that token holders aren’t worried about the bear market.
According to Van de Poppe, in contrast to prior DXY bull runs, Bitcoin has lost far less in USD terms. For example, since its all-time highs in November 2022, BTC/USD has only fallen by a maximum of 55%, compared to almost 80% in 2014.
Whale Alert collects and maintains data from several blockchains in a single standard manner in its databases. Gemini has received 4,000 Bitcoin (BTC) from an anonymous wallet. A blockchain analytics and monitoring firm, Whale Alert, also noted that the transaction was valued at USD 154,231,351. It seems that crypto whales are back in work, as BTC transactions totaling hundreds of millions of dollars have taken place overnight. At around 04:51:56 UTC on 2 May 2022, the transaction was recorded by Whale Alert.