The decrease in volume may actually benefit the market in the next few days.

Over the past ten days or so, the cryptocurrency market has been in a particularly painful downturn, failing to produce the long-awaited Santa Claus rally.

As the year is about to end in just a few days, the on-chain data actually indicates that everything could change in a rather unexpected way.

Does volume mean profit?

The overall outcome for the year 2024 is quite impressive, as BTC surged from less than $70,000 to over $108,000 in less than two months after the US presidential election. However, from a micro perspective, the asset has been struggling over the past ten days, as it dropped from the aforementioned historical high to $92,000 in a few days, and is now at $94,000.

In addition, the volume has dropped significantly in the past week, which is expected considering the holiday. However, according to Santiment's data, this may actually be the driving force behind the price increase.

The analysis platform indicates that when the volume is low, if the whales' accumulation level continues, they will play a particularly important role.

In the last few days of 2024, the volume in the cryptocurrency field saw a significant decrease. Overall, the volume in the past week decreased by 64% compared to the previous week, including the historical high of Bitcoin.

The downward trend of trading, especially speculative trading...

Many large investors have been frantically buying various assets recently, not just BTC. In fact, 'speculative altcoins' are more likely to be affected by price increases in this situation, which could be beneficial for meme coins like DOGE.

According to the on-chain data shared by Ali Martinez, the Dogecoin whale took advantage of this dip to buy more of the largest meme coins in the past few days.