As we continue to see volatility within the crypto markets, onchain data shows that on August 5 and 6, during an extreme crypto market meltdown, bitcoin whale transactions reached their highest levels since April.

On August 8, the onchain analytics platform Santiment disclosed wallets that had a total of 10 to 1,000 Bitcoin BTC in a post on X.

tickers declining to $60,995

"quickly accrued during the market downturn that saw the leading cryptocurrency drop below $50,000."

Santiment claims that during the two days, when cryptocurrency prices plummeted, there were 28,319 BTC transactions for more than $100,000 and 5,738 transactions worth more than $1 million.

On August 5, Bitcoin had a roughly 18% decline, falling from just over $60,000 to less than $50,000 in less than a day. But after the fight, it has somewhat recovered to reclaim the $57,000 level.

The market still going on strong as compared to past market years, taking into consideration year 2022, the rise has been monumental.