Additionally, the whales’ wallets appear to belong to institutional investors, custodians or companies, not retail traders. The wallets’ not linking to exchanges or mining operations clearly indicates this assumption.
Despite clocking average HODLing of five months, the whales engaged in aggressive Bitcoin accumulation. A look at their balance sheet shows an astronomical surge of 813% year-to-date in 2024 alone.
Some market watchers believe the German government’s offloading of Bitcoin may have been an opportunity for some of these massive accumulations.
The Bitcoin held by these wallets is valued at approximately $132 billion at the current market price. Overall, the whales hold 9.3% of the total Bitcoin supply. The data indicates that these whales’ actions could impact the broader market.
Given these whales’ control and possible impact on the market, investors will hope they make a manageable amount of sales. Notably, experts say that if whales decide to sell due to the price rebounding, they could crash the price of Bitcoin in what appears to be an Uptober rally.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
