Bitcoin (BTC) whales have started to wait.

The transfer of large amounts of BTC by Bitcoin whales to crypto exchanges has raised curiosity about their next moves.

Bitcoin (BTC) price has been fluctuating below $100,000, surprising whale activities. CryptoQuant analyst Onat stated that significant Bitcoin transfers were remarkable but did not create any selling pressure at the moment. The renowned analyst mentioned in his analysis dated December 2nd, 'Increasing Bitcoin inflows to exchanges raise the risk of potential selling pressure in the future. Therefore, whale activities should be closely monitored'.

After Trump's victory, there has been increased activity among Bitcoin whales.

After Donald Trump's victory in the US presidential election on November 5, BTC entry into the stock markets increased. Although such large transfers are generally seen as a sell signal, whales seem to be in a waiting mode for now.

The Adjusted Spent Output Profit Ratio (aSOPR) metric also supports this situation. Onat pointed out that this metric has not yet shown significant activity for profit realization. In a bull market, investors tend to hold onto their assets believing that BTC will rise further.

The decrease in BTC's market dominance is also noteworthy. According to TradingView data, BTC's market dominance has decreased by 5.54% since November 28th. This development may indicate that investors are shifting from Bitcoin to other crypto assets.

If dominance continues to decline, the rise in altcoins can be expected to accelerate. However, a sharp increase in BTC or an increase in spot ETFs can reverse the dominance to rise again. Altcoin rally can gain strength especially when BTC dominance falls below 48%.

This article does not contain investment advice or recommendation. Every investment and trading operation involves risk and readers should conduct their own research when making decisions.