Could Bitcoin Whales Be Responsible for Suppressing Bitcoin’s Price During the Last Few Weeks?
- Bitcoin and cryptocurrency whales seem to have control of the market.
It seems that players in the cryptocurrency industry are taking different measures to control the market.
Could Bitcoin Whales Be Controlling The Market?
Apparently, Bitcoin (BTC) whales are holding Bitcoin under $9,000. According to specialists of the STIPS|Oculus platform, there have been 38 large transactions (of over 50,000 BTC) that were made between January 1st to June 07. More than 75% of these transactions were made during the last three weeks.
Analysts show that several large transactions were processed when Bitcoin reached $9,000.
The analysts show a chart in which it is possible to see how the transactions performed occurred when Bitcoin was reaching its highest point in more than 8 months. The digital asset surpassed $9,000 but the market fell abruptly. At the same time, small transactions were made on Bittrex’s cold wallet.
According to these specialists, some 500 BTC were transferred to a hot Binance wallet and other smaller amounts were sent to the next wallet.
Bitcoin Price Has Increased Steadily Throughout 2019
The report reads as follows:
“The specialists managed to find out that starting from the 3AweAnU1qYSUCJ5Hvy9DFEB7dVqUebZw5i wallet and the amount of 107,432 BTC over the past week, some small amounts up to 500 BTC were transferred to a hot BINANCE wallet, and large amounts, minus these 500, went to the next wallet, where the operation repeated again and again.”
Moreover, whales seem to have used a similar system to make transfers of 7,000 BTC to the hot Binance wallet. These transfers happened the same day as when Bitcoin dropped from $9,000 to $8,000. These transfers show that it might have been possible for the owners of these digital currencies to have sold at the best moment.
Bitcoin has been growing throughout this year and since it bottomed in December 2018. Since that moment, the digital currency grew over 181% and could keep doing so in the future. However, it is possible to see that the digital asset has a lot of selling pressure at higher prices and whales are always ready to benefit from market surges.
In addition to it, other reports show that the current bull market that drove Bitcoin’s price to $9k can be explained with a large buy order of $100 million that triggered FOMO in the crypto community.