Are Bitcoin Whales Back?
Bitcoin whales have not left the field. Throughout July, they actually kept busy. One of the most eye-catching events was the reactivation of a dormant Bitcoin wallet, untouched for nearly 12 years.
This wallet, holding 37 BTC, was worth just $476 back in 2012. Today, it’s valued at over $2.49 million-a whopping 524,701% increase in value.
Since then, many other old wallets have suddenly become active, holding massive amounts of Bitcoin. It’s got everyone asking: ‘Are Bitcoin whales making a comeback?’
Altcoin diversification
These whales have been accumulating
Bitcoin and altcoins, like Uniswap (UNI) tokens, ahead of big market events.
Take the recent spike in UNI holdings-up by 1,570%-just before the launch of the spot Ethereum ETF on July 23rd. Dogecoin has also seen a noticeable uptick in large holdings.
The number of addresses with 10 million to 100 million DOGE jumped, and those holding between 100 million and 1 billion DOGE also saw an increase.
Similarly, the DeFi token Injective (INJ) has caught their eye, with large holders increasing their net flow by 141.50% in just a week.
In addition to their trading activities, whales have been active in the public. The Bitcoin 2024 conference in Nashville
turned into a whale activity hub.With more than 20,000 people in attendance, this is a major event. It offered special chances for networking, such as a “Whale Pass” that provided entry to a VIP area for influential talks and business dealings.
The opportunity to talk about Bitcoin’s future was seized by whales, particularly after it reached a record-breaking high of $73,750 in March.
Bitcoin’s impact on markets and political involvement
Whales are also keen observers of the political scene. One big attraction at the Bitcoin 2024 conference was Donald Trump. However, enormous power also entails considerable responsibility—or, in this instance, anxiety.
Because Bitcoin whales have the ability to manipulate the market, their actions frequently draw attention. Price fluctuations brought on by large-scale purchasing or selling can increase market volatility.
This instability has two drawbacks. Depending on which side of the trade you’re on, it could result in enormous profits or sharp losses. Surprisingly, though, some whales do appear to be long-term players. It remains to be seen whether that alters.
Source : cryptopolitan