The activities and tactics of the biggest Bitcoin holders, often referred to as “whales,” continue to captivate attention in the cryptocurrency space. Recent analysis by blockchain data provider, Santiment, indicates that wallets holding between 10 and 100 Bitcoin have been on the rise since March 2019, following over a year of accumulation. This resurgence is not only timely but also holds significance for the market.
Santiment’s report highlights that these whales have remained consistent in their investment strategy throughout 2020, a year marked by significant fluctuations in the crypto market, including a remarkable 226% price increase. The broader financial trends and technological advancements in the blockchain ecosystem align with these shifting dynamics, reflecting investors’ intricate response to the market’s evolution.
Moreover, this increase in whale activity occurs amidst industry disruptions, notably the dramatic downfall of FTX, a prominent cryptocurrency exchange, in late 2022. Allegations surfaced suggesting FTX’s involvement in manipulating cryptocurrency prices using market tools, further emphasizing the impact of whale actions on the market post-FTX collapse.
Wallets holding 10 or more Bitcoin have recently reached the same level of holdings as exactly two years ago, reflecting a 226% increase in Bitcoin’s market value since then. While Bitcoin prices have experienced a slight decline, the resilience and confidence displayed by these large holders during market turbulence hint at a long-term perspective on the cryptocurrency’s value.
Despite recent price fluctuations, the consistent behavior of whales signals a structural support for BTC moving forward, amidst short-term market volatility. The implications of their actions extend beyond individual transactions, shaping the broader landscape of the cryptocurrency market.