As Bitcoin price staggers, ‘whale’ wallets may be becoming an endangered species

As Bitcoin price staggers, ‘whale’ wallets may be becoming an endangered species

As Bitcoin looks to recover from a stomach-churning dip on the back of a strong bid this morning, on-chain data indicates that high net worth ‘whale’ wallets may not be part of the effort. 

Bitcoin — along with most crypto markets — suffered a staggering series of losses this week following a string of negative Tweets from the world’s second-richest man, Elon Musk.

Our top trading bots

While prices have begun to rebound, “whale” wallets — a playful term for Bitcoin addresses with 1,000 or more BTC — have nonetheless been dwindling in the midst of the dip, indicating that big money players are moving into risk-off mode. 

According to data from Glassnode, the total number of wallets with 1,000 BTC or more clocks in at just over 2,100 addresses — down nearly 4.7% from the month prior, and down from nearly 2,500 in February.

However, tracking whale wallet behaviors as an indicator of possible price movements has been an exercise in mixed signals as of late. Perma-bulls Microstrategy added another 271 BTC to the corporate treasury this week, raising their total number of BTC to 91,850 — a stockpile worth over $4.7 billion at today’s prices. However, exchange inflows — often a sign that whales and other investors are selling BTC — hit 30,000 coins last week as well, though experts say the price managed to withstand the pressure well.

As Bitcoin price staggers, ‘whale’ wallets may be becoming an endangered species
BTC net exchange inflows. Source: Glassnode

One key metric, however, is inarguably flashing bearish signs. Analysis last month shows that whales and sellers have continued to offload BTC, despite failing to make profit on their trades. This could indicate that sell-side pressure could lead to a breakdown in price for BTC. 

As Bitcoin price staggers, ‘whale’ wallets may be becoming an endangered species
Whale wallets October 2020-April 2021. Source: Glassnode
Read on concerning Cointelegraph
$31.5K Bitcoin price on track for lowest weekly close of 2021
Bitcoin (BTC) was on track to lose nearly $3,000 this week as a weekend of mixed price behavior came to an end.BTC/USD 1-hour candle chart (Bitstamp). Source:...
Brazilian securities regulator approves Ether ETF
Brazil’s Comissão de Valores Mobiliários (CVM), the country’s securities regulator, has approved an Ether (ETH) exchange-traded fund (ETF), according to...
Billionaire SBF says FTX may one day buy Goldman Sachs and CME
Hong-Kong-based billionaire Sam Bankman-Fried has stated that FTX may consider buying U.S. financial giant Goldman Sachs and exchanges such as Chicago Mercantile...
21Shares partners with German brokerage to offer crypto ETPs for savings accounts
Investment product issuer 21Shares has joined forces with comdirect, a leading online brokerage in Germany, to bring its cryptocurrency exchange-traded...
Crypto needs a decentralized daily reference rate
“If you can’t measure it, you can’t manage it” is probably the most cited quote attributed to Peter Drucker, who is known as the father of management thinking....
Crypto exchange Huobi has reportedly stopped letting new users trade derivatives
Huobi, one of the largest cryptocurrency exchanges in the world, has reportedly restricted derivatives for new and existing users over concerns about China’s...
Community-governed DEX EmiSwap raises $104M in private funding
EmiSwap — a community-governed decentralized exchange (DEX) — has raised $104 million from a large number of investors, each of whom put down a maximum...
Historically accurate Bitcoin metric suggests BTC price has bottomed out
As the price of Bitcoin (BTC) is attempting to establish support at $37,000 on Tuesday, the recent $30,000 lows may have been the bottom, suggests one derivatives...
Cardano’s upcoming Alonzo update pushes ADA price despite a major delay
The Cardano Foundation is led by Charles Hoskinson, the founder of Cardano and also the co-founder of the Ethereum blockchain. On April 6, through his YouTube...
Ethereum Classic 51% Attacker Reportedly Returned $100,000 to Exchange
Cyber money exchange Gate.io has informed the general public about the return of previously stolen $100,000 worth Ethereum Classic units. According to the...
Approved Coincheck & Scrutiny on DLT: Japan and China Move in Different Directions
Asian countries seem to go in different directions when it comes to the regulation of cryptos and blockchain. Two Asian tigers — Japan and China — show...
Tom Lee Stands By His $15,000 Bitcoin Prediction Despite Massive Fall
A few days ago Fundstrat’s research head Tom Lee predicted bitcoin’s price to spike to $15,000 by the end of the year once it passes the breakeven point....
Bitcoin Plunges Below $6,000, Loses 65% of Value Since The Start Of 2018
2018 seems to be an incredibly disillusioning year for both bitcoin and its ilks. Since the start of the year, BTC has been heading downwards, losing over...
‘Not a Payment System’ – Visa CEO Explained Why They Won’t Accept BTC
Just at the beginning of the month, several crypto-payment providers announced that their cards, which support crypto money, were not active anymore....
Bitcoin Plunges to $12,800 As South Korea Schemes Trading Taboo
South Korean authorities keep curbing bitcoin trading. After banning the registration of novel virtual account services for crypto exchanges and demanding...