Transactions by whales, the major investors in Bitcoin, have seen a sharp decline in recent times.

According to data provided by Santiment, the number of transfers worth over $100,000 was 8,129 yesterday, compared to 1,510 transactions worth over $1 million. The figures were 24,000 and 4,582 respectively at the beginning of March. Thus, in two months, there was a 66% drop for both transactions over $100,000 and over $1 million.

This decrease in whale transactions is thought to be among the reasons for the current slump in the price. According to analysts, if whale activity picks up again, Bitcoin could see a rebound.

The number one cryptocurrency by market capitalization is trading at around $63,700 today, down 13% from its peak of $73,777 in early March.