Cryptocurrencies bitcoin and ethereum fell to 2023 lows in terms of transaction volume

Experts from the analytical company Santiment noted that the daily volume of large transactions in BTC $95,502.82 Bitcoin -0.78% Market capitalization $1.89 trillion VOL. 24 hours $2.28 billion and ETH $3,314.59 Bridged Ether (StarkGate) -0.47% Market capitalization $0.3 billion VOL. 24 hours $1.35 billion in the amount of $ 100,000 or more fell to its lowest level since the beginning of 2023. At the same time, the quotes of the largest cryptocurrencies by market capitalization are moving in a narrow range. Analysts suggest that large investors are not losing interest in the assets, but rather expect an increase in volatility.

🐳 #Bitcoin continues to trade between $ 26K-$ 27K, and #Ethereum at $ 1.6K to 1.65K. #Crypto's top market caps' $ 100K+ transaction levels are at their lowest levels of 2023 right now. This is a sign of whales likely waiting, and not necessarily disinterest. https://t.co/FKfhB5X3Yh pic.twitter.com/m9990wqlpM

— Santiment (@santimentfeed) September 18, 2023

From September 12 to September 17, the bitcoin rate fluctuated between $ 26,000 and $ 26,800, and only on September 18 did it surpass the $ 27,300 mark for the first time since August 31. At the time of writing, the market flagship managed to grow by 1% per day, 4.5% per week, and 3.7% over the past month.

As for Ethereum, the asset also demonstrated sideways movement during the previous week with periodic fluctuations from $ 1600 to $ 1665. At the time of writing, the value of ETH was fixed at $ 1634, down 2.6% over the month.

Despite the apathy of large holders, Santiment also recorded the largest jump in network activity of BTC investor addresses since the beginning of the year. Experts attributed the movement of coins to the approaching date of the network halving, which will reduce the reward to miners for a mined block from 6.25 to 3.125 BTC. According to preliminary estimates, it will take place in 190 days, in April 2024. «Small traders are nervous,» summarized community member Santiment.

on September 13, the Ethereum network also recorded the second largest surge in wallet activity in history. Santiment considered this a sign of traders' surrender, which could be followed by a reversal in the direction of the exchange rate.