Are whales returning to the cryptocurrency market?
According to the latest data shared by the on-chain research platform CryptoQuant, Bitcoin wallets with a history of 7-10 years have started to experience unusual movements until now. It is known that the movements on these wallets are generally observed when the Bitcoin price reaches the expected support or resistance points for a long time. The movements in question these days, when the Bitcoin price is hovering around $20,000, may indicate that history is repeating itself.
According to the data, a total of around 10 thousand Bitcoin exits were observed from these old wallets. However, it is difficult to say that all of these Bitcoin movements are for sales purposes. It is known that the majority of the 10 thousand Bitcoin transactions that took place in a few days were transferred to different wallets, not exchanges. It seems that it will become more clear in the coming days whether the whales, who could not remain unresponsive to the price movements on the entire crypto money market, made these transfers in order to diversify their investments or to reduce the risk and reduce their assets.
When the past data are examined, it is seen that such whale movements are followed by rising waves, albeit for a short time. However, the fact that there has been a decrease in the price after these short-term rises or sideways movements does not go unnoticed.
Although Bitcoin exits from such old wallets often trigger capitulation concerns on investors, it is not overlooked that the Bitcoin activity in question takes place in small volumes. If we remember that in the previous processes, 100 thousand Bitcoins moved from different old whale wallets within days, it can be said that this movement of 10 thousand units is a very small movement.