At the moment, whales seem to accumulate as they anticipate higher prices. That is after ‘millionaire’ wallets increased their holds by 90,000 Bitcoin in 25 days.
Over the last 25 days, BTC whales have been stocking up, as millionaire addresses accumulated about 90,000 BTC, to worth over $367 billion.
Crypto market aggregator Santiment noted the accumulation. The analytic firm saw that crypto wallets with BTC holding ranging from 100 to 10,000 (Santiment described the wallets as millionaire addresses) are the higher BTC HODLers, accounting for 48.7% of BTC’s supply at the moment.
The current buy pressure place the addresses at a 7-week high as far as Bitcoin holding is concerned. The millionaire addresses represent over 9.11 million Bitcoin, some percentage away from the highest in mid-April.
Meanwhile, Glassnode on-chain data indicates miners accumulating the leading crypto. The analytics provider noted that weekly BTC outflows from miner’s addresses dropped to around $1.7 million, a 5-month low on 16 June.
Also, Glassnode noted that addresses with less than 1 BTC doubled since 2017 end to comprise around 5% of BTC’s market capitalization.
As much as miners and whales seem to hold their digital assets anticipating increased value, Whale Alert, transaction monitors, noted 2 transfers worth $200 million or 5,000 Bitcoin, both related to Coinbase over the past few days. That suggests amplified interest by large investors to trade the world’s best crypto.
How Whales Manipulates the Crypto Market
In the crypto world, whales refer to individuals that invest a large amount of money in cryptocurrencies. With that, they are free to change the market in any direction: up, down, or sideways as they plan their next move. How do Crypto whales control the market?
- Price Suppression
Crypto whales could suppress crypto prices by marking large orders, forcing others sellers to lower their prices to sell their crypto orders before the sell orders by whales. Whales can decide to low their order prices to force other crypto sellers to low theirs further.
- Price Pumping
Whales can theatrically expand crypto prices. For that, they initiate huge purchase orders at amplified prices. That would force bidders to increase their bids’ value. However, beware of FOMO in such scenarios.