Recent shifts in the behavior of major Bitcoin holders, or whales, have sparked discussions among analysts. Willy Woo stated that old whales could be the reason behind the slow price increase of Bitcoin this cycle.
Classic Whales and Their Role in Pricing
According to Willy Woo, the concentration of Bitcoin holders who peaked their assets back in 2011 significantly impacts the price. 'The BTC supply is concentrated around OG whales who bought their BTC at $10 or lower,' he noted.
Market Movements and Recent Fluctuations
The crypto community links a sharp drop in Bitcoin's market capitalization by $45 billion to sales by one of the whales who rotated over $2 billion into Ether over the past week. During a brief flash crash, Bitcoin's price fell nearly 2.2%, triggering a cascade of sell orders across the market.
Future of Bitcoin and Potential Offloads
Experts point out that the whale still holds 152,874 Bitcoins. Additionally, another whale sold $670 Bitcoins worth $76 million to open a long position in Ether, reflecting a trend of selling Bitcoin to acquire Ethereum.
The strategies of major Bitcoin holders raise concerns in the market. Their actions may significantly influence the price of the cryptocurrency in the future.
