Saturday, May 21, 2022
Home Crypto News Market Bitcoin Whales Hits 18 Month Low, While Number Of BTC Exchange Inflows...

Bitcoin Whales Hits 18 Month Low, While Number Of BTC Exchange Inflows Reaches 6-month High

- Advertisement -
Follow-Us-On-Google-News

Bitcoin numbers are not impressive at all. 



The crypto market has been having it rough of late, and even the largest coin, Bitcoin, hasn’t been spared. The wrath of the bears has driven the top crypto from a high of over $40k to the current range of $31k within a month. The apparent price crash may be creating a panic in the market and causing HODLers to jump ship.

According to information released by Glassnode, the number of Bitcoin whales is decreasing at an alarming rate. As of January 19, 2022, BTC whales in the market totaled 1,781. Today, the number has decreased to 1,776, marking an 18-month low. Apparently, these lost whales are transferring their coins to exchanges.

Decline of Bitcoin investors (Whales) holding above 100 BTC is a worrying sign that shows that big investors are no more confident and continuously selling their holdings to avoid losses.

Numbers Don’t Lie

Data collected by Santiment indicates that exchanges have experienced a sudden inflow of Bitcoin from external wallets controlled by whales.

In just one week, the inflow rate has spiked by a margin representing a whopping 0.52% of BTC’s total supply. That’s a lot of BTC coins considering that the supply is currently at over 19 million mined coins. This is the highest inflow rate seen by crypto exchanges in 16 months.

 

Glassnodes reports also confirm exchange inflows. BTC Whales have moved around $105 million into exchanges over the last 7 days. This marks the highest such figure in 6 months. The previous 6-month record stood at around $104.9 million.

Each day, the flow is counted in the thousands. Data shows that another 28K Bitcoins were transferred to exchanges within 24 hours.

 

From a critical point of view, this whale activity isn’t unfounded. The markets have been going red day in, day out. Given that the crypto market is known to make sudden moves, the continued price drops may have spooked the whales into dumping mode. On the other hand, the whales may not be necessarily moving their stash to sell. They could as well be moving to edge with other coins on exchanges.

What Does This Mean For Bitcoin?

It’s still not clear whether the whales are moving to dump their stash if they anticipate a certain market movement. A dump would lead to more pain in the Bitcoin market and possibly cause further dumping. On the other hand, the whales’ steady holding could stabilize the market and instill more investor confidence, thereby attracting investors and propping up the price. Time will tell.

 

- Advertisement -

Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Shiba Inu Lead Developer Says Things Will Get Interesting Next Week 

Something Interesting coming for Shiba Inu community. window.coinzilla_display = window.coinzilla_display || ; var c_display_preferences...

Bill Gates Says He Is Not Invested In Crypto Because It is Valueless to Society 

The former world's richest person does not have any love for crypto. Bill Gates, the co-founder of popular tech company Microsoft disclosed that he does...

Binance CEO Says UST and LUNA Crash Could Have Been Avoided If Terra Used Its Bitcoin Reserve Earlier 

CZ is still not happy with the way Terra handled last week’s situation as he believes the crash could have been avoided if the...

Tether CTO: LUNA And UST Were Flawed In Design But Not A Rug Pull

The team at Terra has been struggling to save LUNA and UST after a sudden crash that sent the price of LUNA spilling down...

Two Major Indicators Suggest Bitcoin (BTC) Possible Price Rebound Above $35,000 

There is a likelihood that Bitcoin's price will rebound soon as it currently sits around major support levels.   Following last week’s market turmoil that...

Majority Of Terra Community Wants New Luna Chain Without UST

The Terra community has been deliberating on the way forward after the crypto lost over 95% of its ATH value. Many in the crypto...

Can Crypto Payments Finally Take Off?

Helio, the Web3 payments company, launched its beta this week to offer a much-needed path for faster adoption of crypto payments. Its complete Web3...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.