Forex and Crypto News

Bitcoin became controllable thanks to whales

13:27 05 July /2021

The creator of Bitcoin invented this cryptocurrency as decentralized digital money. But something went wrong. And over the past year, we have increasingly seen the price of Bitcoin rising or fall after tweets from opinion leaders such as Elon Musk, or show a sharp decline when whales need to oust small investors from the market or buy a large volume of a cryptocurrency.

From June 15, the price of Bitcoin began to fall, and then it showed consolidation. According to the latest Glassnode report, the fall in the price of Bitcoin was triggered by the sell-off. Since June 15, the whales have sold almost 60000 BTC. Why do we say that the whales provoked the price drop? Because the largest cryptocurrency sales were made by wallets with balances from 100 to 10000 Bitcoins.

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Since early July, the whales have changed tactics. Now that the price of Bitcoin is hovering around $35000, they have started buying Bitcoin. According to Glassnode, addresses containing from 1000 to 10000 coins have bought over 80000 BTC. And now, the largest amount of Bitcoins is concentrated in whale wallets in the entire history of cryptocurrency.

Crypto whales control 4,216 million BTC. And the number of "whales" has grown to 1922. These are wallets that hold from 100 to 10000 Bitcoins.

Analysts predict that with the growth of whale activity, we will see an increase in the price of Bitcoin. So far, however, we are seeing the opposite picture. Today the price of Bitcoin has dropped from $35000 to $33000.

According to Glassnode, the May decline in the price of Bitcoin led to a sharp decline in the number of profitable Bitcoin wallets. The number of profitable addresses on the network fell to its lowest level since October 2020.

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