RATE Group | Data Shows Bitcoin Whales Have No Intent of Selling at Current Prices
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Data Shows Bitcoin Whales Have No Intent of Selling at Current Prices

29 Apr Data Shows Bitcoin Whales Have No Intent of Selling at Current Prices

Posted at 01:05h in Bitcoin News by

A large Bitcoin (BTC) whale holding 68,000 BTC ($523 million), has not moved the funds for more than five years and on-chain data shows other whales have similarly held onto their BTC for 4.7 years on average.

Although Bitcoin is the top ranked cryptocurrency on CoinMarketCap,  whales holding on to the digital asset without selling for years does not protect BTC from a steep downtrend. On March 12, the price dropped to as low as $3,600 and many whales did not move their funds at the time.

What the data shows, however, is that many whales are comfortable holding onto BTC despite the risk of a significant correction to the $3,000 to $4,000 multi-year support area. This paints an optimistic long-term trend for the cryptocurrency market and the patience of high net worth investors.

A major Bitcoin whale’s fund movement. Source: CoinMetrics

What are whales up to? 

Since 2015, the infrastructure supporting the cryptocurrency market has improved exponentially. A growing number of trusted…

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