Greed

2024

Worldcoin

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The daily Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) whale activity has declined while the market weathers extremely greedy sentiment. 
According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of BTC declined by 17.5% in the past 24 hours — falling from 24,313 to 20,048 unique transactions per day. 
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 BTC price, whale activity, funding rate, open interest and RSI – March 7 | Source: Santiment
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The decline in whale activity comes as the Bitcoin price recorded a 0.6% drop over the past 24 hours. The flagship cryptocurrency is trading at $66,750 with a $1.31 trillion market cap at the time of writing.&nbsp; 
Moreover, Bitcoin’s 24-hour trading volume plunged by 42%, currently hovering around $59 billion. 
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Data from CoinMarketCap shows that the market is still in the middle of extremely greedy conditions, with the fear and greed currently indicator standing at 88. Notably, Bitcoin <a href="https://crypto.news/bitcoin-selling-btc-all-time-high/">recorded a new all-time high</a> of $69,170 on March 5 when the greed index was at the 90 mark. 
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 We're landing at 88 – Extreme Greed today! 🟢 <a href="https://t.co/pU0niX9Od0" target="_blank">pic.twitter.com/pU0niX9Od0</a>— CoinMarketCap (@CoinMarketCap) <a href="https://twitter.com/CoinMarketCap/status/1765641281676742898?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 7, 2024</a>
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According to Santiment, Bitcoin’s total open interest (OI) increased from $10.76 billion to $10.83 billion in the past 24 hours. The asset’s total funding rate, however, declined from 0.08% to 0.04% over the past day. 
The indicator shows that Bitcoin’s total OI might have increased with short positions and the amount of trades betting on a price decline has risen. 
According to <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener">data</a> from Coinglass, Bitcoin faced over $80 million in liquidations in the past 24 hours — $50.88 million in longs and $28.93 million in shorts.&nbsp; 
Moreover, Bitcoin’s Relative Strength Index (RSI) rose from 73 to 76 over the past day. This shows that the flagship digital currency is hovering in a highly volatile zone and high price fluctuations would be expected. 
For <a href="https://crypto.news/blackrock-bitcoin-etf-record-inflows/">Bitcoin</a> to stay bullish, its RSI would need to cool down below the 60 mark. An RSI of lower than 50 would mean that BTC’s price volatility has declined.&nbsp; 
 Read more: <a href="https://crypto.news/spain-sam-altman-worldcoin/"> Spain blocks Sam Altman’s Worldcoin over data privacy concerns </a>

BTC whale activity declines amid extremely greedy market conditions

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