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Bitcoin Whales are Controlling the Market

Bitcoin whales have been dominant in the market based on their massive liquidity. Tyler Swope, an expert crypto trader, has the viewpoint that Bitcoin whales have become overly manipulative this summer.

Bitcoin’s choppy price chart

As per Swope’s observation, Bitcoin has witnessed numerous pumps and dumps in a span of two weeks. As a result, a clear manipulation has emerged from nine thousand dollars ($9,000) to eleven thousand dollars ($ 11,000). Notably, whales have been taking advantage of the immediate volatile price swings.

Conversely, Swope reinforces his observation with Sunday’s abrupt Bitcoin price drop. Specifically, an all-day trade was prevailing beyond nine thousand five hundred dollars ($9,500), but an unexpected bear made it drip to nine thousand two hundred and sixty-five dollars ($9,265). Later on, bulls came calling to retrace back to nine thousand five hundred and seven dollars ($9,507). Astonishingly, all this trend happened within an hour.

Bitcoin whales on Bitfinex

Swope found the dump dragging Bitcoin price to nine thousand and one hundred dollars ($9,100) on Bitfinex. Notably, Bitfinex is an exchange that permits margin trading. As a result, the whales in operation instigated a well-orchestrated bear trap. Swope viewed this as a wreaking havoc procedure as different positions were witnessed on this exchange.

The Bitcoin whales on Bitfinex had different intentions such as the urge to liquidate. The other objective entailed luring novice traders into the manipulation that bears were calling. These traders were, therefore, unfortunate to undertake short positions. The Whales had selfish motives as they immediately went into a buying spree. As a result, these traders lost.

Conversely, other flash crashes have existed. For instance, on July 14, 2019, ETH price crashed on Bitstamp, a crypto exchange. As a result, a ripple effect was witnessed on another exchange called BitMEX.

Swope asserted Bitcoin Whales are reigning supreme in crypto exchanges. This is based on their self-interest at the expense of other traders and the market at large.

Crypto Wallets Holding More Than 10,000 Bitcoin Hit a 2020 Record High

Santiment, an on-chain analytics provider, has revealed that Bitcoin whales still have confidence in the digital asset because crypto wallets holding at least 10,000 BTC have reached a record high of 111 so far in 2020.

Confidence in Bitcoin soars

Bitcoin (BTC) has been on a price rally lately, surpassing the $16,000 resistance this week for the first time since 2017. Though Bitcoin has slightly fallen back since its price surge this week, there has been a continuous increase in the crypto’s value since it reached a rock-bottom of around $3,800 in March, amid the coronavirus (COVID-19) resurgence.

Santiment echoes the Bitcoin whales’ positive sentiments, sharing data that showed that Bitcoin’s price surge has made addresses holding between 1,000-9,999 BTC are nearing its all-time high (ATH) of 2,135 wallets. The analytics provider tweeted:

“Looking for validation that Bitcoin whales are confident in their assets? The number of addresses holding at least 10,000 BTC has just matched a 2020 high of 111. Additionally, those with 1,000-9,999 BTC are now just 6 below the ATH of 2,135 wallets.”

Price rally towards $20,000 on the horizon

Mike McGlone, a senior commodity strategist for Bloomberg Intelligence, recently revealed that Bitcoin could be on track to reach $20,000 by 2021. He referenced his analysis on refreshed bull markets in the quasi-currencies, with improving fundamental and technical underpinnings. This bullish price forecast from McGlone is in line with other analysts’ recent projection of an uptrend in Bitcoin’s price.

Therefore, Bitcoin whales are keeping a keen eye on this price rally, as depicted by Santiment’s data of an unmatched number of wallets holding more than 10,000 BTC.

Recently, the outgoing senator for South Australia, Cory Bernardi, disclosed that he too had joined the Bitcoin bandwagon. He deemed BTC as the millennial’s version of gold, and his inclination towards this digital asset was propelled by its growing demand. He added that Bitcoin was prone to risks, just like other asset classes based on factors such as demand and confidence.

Bitcoin Price Surge Fueled by a Wave of Institutional Money but BTC Whales Flash Warning Signs

Bitcoin’s price has rallied this week, pushing to new highs of over $23,500, after claiming the resistance level of $20,000. Bitcoin’s price has remained stable over $22,000 in the past 24 hours.

Institutional money coming for Bitcoin

As Bitcoin has witnessed yet another record high, its rally is most likely fueled by the institutional adoption in the recent months and days. One of the largest investors in Bitcoin has recently emerged, as the hedge fund bought more than $600 million in cryptocurrencies after joining forces with Alan Howard, the co-founder of Brevan Howard Asset Management.

Grayscale has purchased around $140 million in Bitcoin earlier this month, adding to its Bitcoin Trust portfolio. Asset manager Ruffer Investment also announced that it has purchased $744 million in Bitcoin, prior to the cryptocurrency’s massive rally. Global Chief Investment Officer at Guggenheim Investments, Scott Minerd recently also put a $400,000 target on Bitcoin’s price.

Cryptocurrency on-chain analyst Willy Woo recently commented on Bitcoin’s recent institutional adoption:

“This feels like the moment Bitcoin won the game against all the other asset classes. With this breakout fueled by institutional folk, no way it can be regulated away; Sovereign Wealth next. Then it gets to change the world for real. Exciting times!”

He also added that this Bitcoin cycle could be a lot different from the other Bitcoin rallies in the past. The on-chain analyst explained:

“I guess the sheer influx of institutional money makes a difference, this cycle is shaping up to be more powerful than the last.”

Red flags not to be ignored

Although Bitcoin has been witnessing massive bullish momentum as institutions are rushing to HODL the cryptocurrency, some Bitcoin whales were not convinced by the rally. A cryptocurrency trader recently noted that there were large sell walls in Bitfinex’s Bitcoin markets when BTC was surging.

The cryptocurrency trader, Edward Morra showed in a chart that there were some investors that did not believe Bitcoin’s price would surge higher when it did.

Source: Edward Morra via Twitter

These sell walls could also mean that Bitcoin whales wanted to be quick to capture some of the profit. According to Morra, Coinbase had faced the same issue, and the cryptocurrency trader warned:

“Coinbase sold quite a lot too and now its kinda not that thick below us anymore. Can drop pretty quickly if it fails to reclaim momentum.”

Bitcoin Whale Addresses Continue to Grow, as Smaller BTC Holders Sell at $23K for Profit

Bitcoin has recently surged above the $24,000 level and recorded a new all-time high. Breaking past its resistance level at $24K, Bitcoin managed to reach over $24,200, but has now consolidated slightly. Bitcoin is now trading slightly lower, at $23,833 at press time. In the past week, Bitcoin has surged over 24%.

Crypto on-chain analytics firm recently noted that the number of Bitcoin holders with more than 1,000 BTC has continued to grow, almost reaching a new all-time high. However, addresses with under 1,000 BTC have been seen selling off since last week. Bitcoin holders with less than 1,000 BTC have been happy with their profits while selling at the $22,000 to $24,000 levels. Santiment explained:

“The number of #Bitcoin holders with 1,000 or more $BTC held continues to climb as prices flirt with new all-time highs. Meanwhile, addresses with under 1,000 $BTC look to be selling off since Wednesday, content with their profits at the $22k-$24k level.”

Bitcoin’s bull run has also been supported by the low percentage of Tether supply on cryptocurrency exchanges. According to Santiment, the percentage of Tether supply on exchanges has hit a 4-month low, which is a good sign for Bitcoin bulls. While the supply of Tether has been moved off exchanges, the cryptocurrency market has been able to gain bullish momentum. Santiment further explained:

“The % of #Tether supply on #crypto exchanges has hit a 4-month low today. This is a great sign for #Bitcoin bulls, as the supply of the most widely used #stablecoin being moved off exchanges, justifies upswings in price for all of #crypto. See correlation!”

Meanwhile, Bitcoin has also witnessed its highest weekly close in history. However, it should be noted that less than a week ago, many investors did not believe Bitcoin’s price would surge higher, and large sell walls in Bitfinex’s BTC markets were witnessed.

As previously reported by Blockchain.News, the number of Bitcoin addresses holding at least $1 million in Bitcoin has recently gone parabolic. It has recently increased by 150% to reach 66,540 addresses. When Bitcoin surged above $20,000, all early miner addresses were turned into millionaire addresses.

Bitcoin Investors Who Bought the 2017 Top are Not Selling, as BTC Holders Continue to Accumulate

Following Bitcoin’s incredible rally towards over $41,000, the world’s largest cryptocurrency has been consolidating around the $33,000 range at the time of writing. After Bitcoin recorded a new all-time high, its price has dropped around $1,000 within a day, and has seen recovering on Jan 12. However, Bitcoin has wiped out its gains from the week before, and is now down by 2.7% in the last seven days.

While institutions have slowly entered the cryptocurrency realm, many still speculate over Bitcoin’s possible future, and whether it would follow the same path as it did after the parabolic bull run in 2017. On-chain analyst and CTO at crypto analytics firm Rafael Schultze-Kraft explained that this bull run is different from the one seen in 2017. He explained:

“Were #Bitcoin investors that bought the 2017 top desperately waiting for new ATHs to cash out and leave? I don’t think so. $BTC supply last active 3+ years (includes the 2017 top) is at 35%, still rising, and showing no signs of slowing down.”

As there are more reluctant Bitcoin sellers during this bull run, senior strategist at Bloomberg, Mike McGlone said that BTC would be less prone to steep corrections this year than in 2017. He explained that the current Bitcoin’s bull run is more mature than the one in 2017, which would see less steep corrections during its price discovery process.

Anthony Pompliano believes that institutions and corporations will continue to push Bitcoin’s price higher in the near future, as Bitcoin’s supply slowly diminishes. He expects that there would be at least 20%-30% dips in the market along the way. Cryptocurrency trader Michael van de Poppe predicts that Bitcoin’s volatility would start to slow down in the coming period. He added:

“In the most likely case, the volatility starts to drain away on the #Bitcoin markets in the coming period. Crucial levels to watch are $36,500-37,500 and $29,000-30,000. However, as the volatility drains away, $BTC pairs of #altcoins will start to take over. Good times.”

Although he predicts that volatility could likely slow down ahead, and prices would see less steep plunges, he continues to warn that the crypto marks, much like other asset markets behave in cycles, and corrections will still be ahead. He explained:

“Institutions are buying into the #Bitcoin markets, as they are the big player during this cycle and will push the markets up higher than we expect (probably $250,000-350,000 peak high). However, markets behave in cycles and corrections will still continue to occur.”

Second Bitcoin Whale Spotted Holding At Least 100,000 BTC Worth $2.8 Billion

Bitcoin (BTC) has been sluggish since it hit a record-high of $41,5000 earlier this month. The leading cryptocurrency has sunk by 23.5% ever since hitting its all time high and is now trading at $31, 233 at the time of writing, according to CoinMarketCap. BTC is speculated to drop to $28,000 as 100,000 Bitcoin options are scheduled to expire in a day.

Crypto whales view this as the perfect storm needed to accumulate more Bitcoin, as evidenced by Santiment’s data. The on-chain data provider acknowledged:

“For the first time since June 24th, Bitcoin has a 2nd whale address with 100k+ BTC tokens held, with this development emerging 4 hours ago on santimentfeed’s data. There are also now 233 new addresses with 1,000+ BTC in them, a clear AllTimeHigh.”

These statistics show that crypto wallets holding more than 1,000 BTC have increased by 233, hence breaking the record. This data correlates with Glassnode’s analysis pertaining to this milestone. The crypto analytic firm noted:

“Number of Bitcoin addresses holding 1k+ Coins just reached an ATH of 2,450.”

It, therefore, shows the confidence crypto whales have in Bitcoin in the long term based on their significant hodling culture.

Bitcoin futures funding rates dip below zero

Glassnode has also revealed that BTC futures funding rates across major exchanges have dipped below zero.

The funding rate is usually set by the market and varies over time. When the funding rate is positive, longs pay shorts, but shorts pay longs when it’s negative. Therefore, the current negative funding rate means a bullish signal for Bitcoin.

Nevertheless, Guggenheim CIO Scott Minerd has asserted that institutional BTC investments are not enough on their own to keep the price above $30,000. Institutional adoption has been the engine behind Bitcoin’s incredible price rally throughout 2020 and earlier this year. Time will tell how the leading cryptocurrency trends going forward.

Bitcoin Addresses with at least 1K Coins Hit All-Time High As Bitcoin Price Rebounds

The number of Bitcoin (BTC) addresses holding at least 1000 coins has soared to a new all-time high (ATH). According to Glassnode data, the number of addresses with over 1000 cryptocurrencies now stands at 2,469, representing one of the biggest bullish milestones for the biggest cryptocurrency amid its week-long price dip.

The new ATH signals the fact that the market whales are not backing down from Bitcoin as the new number of big Bitcoin accumulators has helped bulls regain the market from the bears. At the time of writing, Bitcoin has overturned its bearish run experienced over the week with a gain of over 13% to trade at $35,726.97. Although the cryptocurrency is still about 14.98% below its all-time high of near $42,000, the new uptick has shown the resilient nature of the cryptocurrency in the face of pressurizing market sell-offs.

Bitcoin has hit two big milestones in the past few days as Blockchain.News reported earlier that a second Bitcoin whale was spotted holding at least 100,000 coins valued at about $2.8 billion. The recent surge in the price of BTC may also be attributed to the activities of investors on the Reddit page Wall Street Bets (r/wallstreetbets).

Many of the investors who are determined to beat institutional short-sellers with GameStop shares trading are beginning to acknowledge the fact that Bitcoin, and not their aggressive stock buy-up, may be the answer to true and free capitalism.

Bitcoin’s bull run, which began in mid-December 2020, was heralded by an uptick in the number of active Bitcoin addresses. With more whales joining the bandwagon and the plausible embrace of Bitcoin by more retail investors from the Reddit forum, Bitcoin may surpass its previous ATH milestone in the coming days or weeks.

Whale Addresses Holding At Least 1,000 Bitcoin are Taking Profits

Bitcoin (BTC) continues being the talk of the town after it hit a new all-time high (ATH) of $61,781 after a weekend where President Joe Biden approved a $1.9 trillion COVID-19 stimulus package.

Nevertheless, the price has retracted to $57,759 at the time of writing, according to CoinMarketCap. Crypto analyst Lark Davis has noted that this pullback is being caused by Bitcoin whales’ profit-taking tendencies. He explained:

“Whale addresses holding 1,000 or more Bitcoin have been selling, this does not mean the bull run is over, it just means that profit-taking is happening.”

Davis acknowledged that the current retracement doesn’t mean that the Bitcoin bull run is over. Analysts have noted that whenever a new ATH is hit, big holders or hodlers usually sell to cash in profits, hence pushing the price down so that they can buy at a low.

Jan & Yann, the co-founders of leading on-chain data provider Glassnode, believe that the next leg up is gaining steam given that Bitcoin Futures open interest recently broke the record at $23 billion.

Bitcoin at $74,000 will be worth more than Google

According to digital asset firm Bloqport, once Bitcoin hits a price of $74,000, it will be more valuable than Google.

This might happen sooner or later based on sentiments shared by Matt Maley, the equity strategist at leading institutional trading firm Miller Tabak + Co. He acknowledged that Bitcoin could rally towards $75,000 “very quickly” based on some chart patterns.

With Bitcoin having obtained a new ATH of $61,781, this is triple the record-high of $20,000 it set in December 2017, more than a year after its second halving event in July 2016.

The third halving event took place in May 2020, and as the clock ticks, time will tell how Bitcoin’s journey to the moon continues shaping up this year.

Bitcoin Whales Are Accumulating Behind The Scenes Adding 50,000 BTC to Their Wallets

Bitcoin (BTC) plunged by more than 5% after touching the $40,000 level. Tesla CEO Elon Musk tweeted the lyrics of “In the End,” a chart-topping song by rock band Linkin Park, attached with the Bitcoin hashtag and a broken heart emoji.

However, these shocking waves have engulfed the BTC market recently, did not lowering crypto whales’ spirits to accumulate more Bitcoin, as acknowledged by Santiment. The on-chain metrics provider explained:

“Bitcoin continues to range in the $37k to $39k range, but whales are accumulating behind the scenes. Addresses with 100 to 10k BTC have added 50,000 total BTC to their wallets, or ~$1.95bn.”

Furthermore, on-chain analyst William Clemente III recently revealed that BTC supply was getting back to long-term holders, which depicted a bullish sign.

The tussle between bulls and bears

Bitcoin was down by 6% in the last 24 hours to trade at $36,518 during the intraday, according to CoinMarketCap.

Therefore, It has been a tussle between bulls and bears in the Bitcoin market after the leading cryptocurrency dropped to lows of $30k on May 19 from an all-time high (ATH) of %64.8k recorded in mid-April.

Market analyst Michaël van de Poppe believes that BTC needs to regain the $37.3 area and witness a drop to another relative low of $34k. He stated:

“Bitcoin didn’t break through resistance and lost the $37,300 area, which I find important. I’d like to see Bitcoin regain that level in order to test the resistance at $40K again. If that’s not possible, we’re looking at $34K for another higher low.”

It remains to be viewed how Bitcoin will play out in the short term and whether it will regain momentum to continue hitting new ATHs in 2021, as some pundits and analysts had given BTC a target of $100k before the close of the year.

‘Millionaire’ Bitcoin Whales Accumulates Extra 90,000 BTC

According to Santiment, an encrypted market data aggregator, approximately 90,000 Bitcoins have been accumulated by Bitcoin whales in the past 25 days.

Bitcoin whales refer to holders who hold Bitcoin (BTC) with a value of more than 100 to 10K. During the intraday trading, Bitcoin was trading at $39,208.60. Therefore, for Bitcoin whales, their worth at the current price value at least $3,920,860. The total amount of Bitcoin held by these “millionaire-level” addresses accounted for 48.7% of the Bitcoin supply.

Source: Santiment

The data shows that Bitcoin whales have accumulated a large number of Bitcoin positions over 9.11 million BTC, worth $366.89 billion at press time, setting a high point in 7 weeks.

In addition, Bitcoin miner’s outflow volume reached a monthly low of 47.163 BTC, indicate miners might still accumulating coins before engaging a better price to sell, acknowledged by on-chain metrics provider Glassnode.

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At present, Bitcoin faces a headwind against strong selling pressure near the 200-Exponential Moving Average (200-EMA) level of around $40,876 and has not overturned this important level without any stable signal yet, turning these pressure into a support level.

200-day EMA is a critical indicator used for long-term trends. For example, when the Bitcoin price crosses its 200-day moving average, it is a technical signal that a reversal has occurred-meaning that it will usher in a new round of rising.

However, the increase in bitcoin giant whale holdings and miners are holding their tokens in anticipation of higher prices, proving that they are currently actively accumulating tokens and positive attitude towards the market outlook.