Whales control over 90% of the exchange balance of bitcoin

by in Cryptocurrency News


Turbulence returns to the crypto market after each spike in the activity of large bitcoin addresses or so-called whales.

According to Santiment, wallets holding between 100 and 10,000 BTC triggered an escalation in volatility last week.

Recall that the price of bitcoin on some trading floors fell below $ 56,000. Before that, the cryptocurrency reached its peak values, after which the whales started selling.

If in October, 49.5% of the total BTC supply was under the control of "whale" addresses, then last week this figure fell to 48.9%.

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The decline turned out to be insignificant, and almost immediately after that, large investors resumed purchases at comfortable prices. They purchased approximately 40,000 coins, which resulted in their BTC holdings increasing to 49.1% of the cryptocurrency supply. Bitcoin is trading at $ 56,700 today.

However, analysts do not rule out that we have not yet reached the bottom, and the rollback may be more extensive. Whales buy bitcoins, but they can go back to selling at any time.

The CryptoQuant report states that 91% of all bitcoins listed on marketplaces are owned by large investors. If this figure exceeds 85%, then the cryptocurrency dump usually begins.

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We may have to go through another fall in BTC before December "Santa Claus Rally".