Renowned cryptocurrency analyst Ali Martinez has noticed a decline in Bitcoin betting activity since March 14.
Martinez's analysis, driven by the accompanying chart, reveals a significant decline in Bitcoin-related transactions of over $100,000 after the price of Bitcoin rose to a new high of $73,750.
Data from Martinez's chart indicates that in the last 24 hours, there were 2,896 transactions worth more than $100,000, of which 521 were worth more than $1 million. Before the all-time high, bookmaker movements peaked at around 4,500. Transactions per day in transactions of $1 million or more and approximately 24,500 transactions exceeding $100,000.
Martinez noted that the drying up of large betting moves may have contributed to the recent stagnation in Bitcoin prices, as Bitcoin struggles to maintain momentum amid low volatility. Analysts' comments raise questions about the role of large investors in driving market change. Especially in light of the decline in participation.
The lower movement of the distributor represents a difference from the previous pattern. Increased transaction volume by major players often coincides with significant price movements. Martinez's assessment indicates that betting transactions may pick up again. This serves as an incentive to rebuild confidence in the Bitcoin market.
source: Yo today
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