The number of Bitcoin addresses holding at least 1,000 BTC — worth nearly $17 million as of press time — reached a three-year low of 2,063 addresses.

According to data provided by blockchain analytics service, Glassnode on Dec. 3, Bitcoin (BTC) whales are getting cold feet over the current market conditions.

Historical data shows that a sharp decline in the number of Bitcoin addresses holding at least 1,000 BTC was often — but not always — followed by a sharp decline in Bitcoin’s price.

Glassnode data also suggests that on Dec. 3, the seven-day average of Bitcoin’s mean transaction volume reached a two-year low of $25.438. The previous two-year low of $25.450 was registered the day before, Dec. 2, 2022.

The findings follow recent statements by crypto market analysts suggesting that the leading cryptocurrency is headed lower, despite “people turning bullish without reason.”