Whales move the market. The price of bitcoin has definitely seen some better days. The coin's value had hit a good $59,600 just four days ago until the exchange rate saw the coin go down to as low as $45,700 a coin on May 12. There have reportedly been talks about cryptocurrency whales selling their coins and data reveals that there have been some large wallet inflows.
Crypto Whales on the Move
Onchain data, however, shows that the whales are now either dispersing funds into a number of wallets or bitcoin is now being distributed more evenly to other smaller fish. While the cryptocurrency market finally hits the tough weekend, speculators and traders are all wondering what exactly will happen next with the volatile price changes.
During the past 48 hours, $BTC and a myriad of some other digital currencies have reportedly seen some massive fluctuations when computed in fiat value. According to the story by news.Bitcoin.com, as usual, those participating in cryptocurrency have been looking at the number of "bitcoin whales" and have reportedly been assuming that the large players have reportedly been making massive changes in the market.
What is a Crypto Whale?
Most people actually consider a $BTC whale to be an account that owns maybe 1,000 $BTC or more. A summary coming from bitcoinwiki.org notes that a whale would have to own at least 1,000 to 5,000 bitcoin. A "humpback whale," otherwise known as the "mega whale," is an account that holds a whopping 5,000 coins or even more.
It is also important to note that whales aren't always individuals and can be entities like Grayscale Investments' Bitcoin Trust, a type of crypto investment fund. During the course of the last few days, a number of reports show that there is a significant drop in $BTC whales.
How Many Bitcoin Whales are there?
Glassnode's data reportedly shows over 2,100 whales, addresses that hold either 1,000 $BTC or more, actually exist and in comparison to the same time last year, there were actually 100 whales that have left. The data, however, does not show that whales are selling since owners of 1,000 bitcoins in just one address can easily split the funds into two or even more addresses.
There are reportedly a number of articles that actually claim that bitcoin is now just being distributed to more and more holders with less bitcoin in comparison to those massive whales. This suggests that whales are now selling. Despite the recent claims, data suggests that whales are reportedly distributing coins but could also be a form of whale address reorganizations.
Onchain data coming from whalemap.io show that there is a sign of whale movement during the last few days and huge wallet inflows coming in greater detail. Just like the stats from Glassnode's, data coming from whalemap.io also implies some sort of decline in whales as well as a downward distribution cycle.
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Written by Urian B.
