RATE Group | On-Chain Activity Suggests Bitcoin Price Volatility Will Continue, Thanks to ‘Whales’
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On-Chain Activity Suggests Bitcoin Price Volatility Will Continue, Thanks to ‘Whales’

20 Feb On-Chain Activity Suggests Bitcoin Price Volatility Will Continue, Thanks to ‘Whales’

Posted at 02:43h in Cryptocurrency News by

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Bitcoin’s (BTC) price volatility spiked in January and could further increase over the near term because “whales” have surfaced.

The cryptocurrency’s annualized volatility grew roughly eight percentage points in January to a three-month high of 58.2 percent, according to Kraken’s monthly report. 

Volatility rose as bitcoin’s price rallied from lows near $6,850 on Jan. 3 to a three-month high of $9,570 on Jan. 31. The cryptocurrency closed out January with 30 percent gains, registering its best January performance since 2013. 

With the price rally, whales – those buyers of large numbers of coins – seem to have woken from their long slumber. The number of whale addresses – ones with balances ranging from 1K BTC to 10k BTC – ticked higher in the second half of January, as noted by Kraken’s researchers. 

Whale addresses and volatility
Source: Kraken

The number of whale addresses increased from 2,000 to 2,030, marking a transition to an “accumulation” phase from the…

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