Bitcoin whales are individuals or entities that own large amounts of bitcoins. These whales, having such a large amount of virtual currencies, have the power to influence the price of btcoin by buying or selling large amounts of this currency in the marketcausing the rest of the users to adapt to what they do.
A trend towards a possible liquidation of bitcoin whales has been observed in recent months. There is no apparent reason for the whales to have decided this, but it seems that the trend towards a possible liquidation is somewhat more than likely and, logically, this will affect cryptocurrencies in its entirety.
And, it is that bitcoin is one of the model currencies and marks certain trends in the market that are then followed by the rest of the cryptocurrencies. The bitcoin price remains in the range of $23,000 for each individual coin and, although it has been around this strip for several weeks, waking up the whales would affect its price.
What would happen to the price of bitcoin? The trend would be bearish and, therefore, the price would have a reduction which would make it an interesting moment for those people who want to get fully into the market of cryptocurrenciesbut are not willing to make a large investment.
Bitcoin whales about to wake up can only mean one thing: bad news for the price
What exactly is happening? the whales of bitcoins they seem to have awakened, not entirely, from their lethargy. In the last hours and days, exorbitant amounts of cryptocurrencies have begun to move from completely unknown wallets to different exchanges.
When this movement is carried out, we would be facing the situation described in a few lines above. And, is that, 500 BTC transactions are a dead giveaway of a sell-off that could occur within the market in the coming weeks. The dollar price of bitcoin should then suffer a somewhat drastic drop.
Yes, even though the tendency and it would be expected that the bitcoin whales decide to carry out a liquidation, it may also be that an opposite situation is being generated and that the whales are sending to these unknown exchanges for the type of return they offer when storing their cryptocurrencies for a long period of time or, in cryptocurrency terms, hold