Hello, dear community!
The market is going through correction right now. This period is often followed be spikes of panic among inexperienced users and they tend to act quickly without taking time to really analyze the situation. While this has some negative influence, it also clears the market and makes the situation more stable.
During the downward trend, the dominance of Bitcoin increases which you can check by going to CoinMarketCap. And Bitcoin transactions can also define the market. It is especially noticeable when following the wallets of crypto whales. Only 11% of all addresses have more than 0.1 BTC on their balance. And less than 0.65% have more than 10 BTC. This means that most BTC volume is concentrated among very few people.
Most Bitcoins are now laying still on people`s wallets. But this might be just because they are waiting for a better time to sell. So whenever there are any major changes in wallets, you should be aware of the possible market change. Not long ago, BTC user who has one of top 5 most wealthy BTC wallets, conducted transactions in a total of 60k BTCs from his wallet. The destination of these funds is not known for sure – whether he wanted to distribute his funds evenly of sold them somewhere, but it was quite noticeable that the price decreased during the time of transactions. And this is just one of the cases with the same scenario.
So now when you see that a significant amount of funds was withdrawn from some wallet – you know what to expect.