{"id":521588,"date":"2023-03-02T17:00:58","date_gmt":"2023-03-02T17:00:58","guid":{"rendered":"https:\/\/uniquehot.com\/?p=521588"},"modified":"2024-06-11T10:57:26","modified_gmt":"2024-06-11T10:57:26","slug":"decline-in-bitcoin-whale-activity-could-signal-further-downside-for-btc-price","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/decline-in-bitcoin-whale-activity-could-signal-further-downside-for-btc-price\/","title":{"rendered":"Decline In Bitcoin Whale Activity Could Signal Further Downside For BTC Price"},"content":{"rendered":"<p class=\"p2\">Over the last month, the price of bitcoin has been in a decline. This comes after a fairly bullish month of January where prices of the digital asset returned to pre-FTX collapse levels. But while momentum has hit a roadblock, signaling that the sell-offs may be over, a decline in whale activity could mean that this is not the end of the downtrend.<\/p>\n<h2 class=\"p2\">Bitcoin Whale Numbers Fall To 2019 Levels<\/h2>\n<p class=\"p2\">In early February, the number of Bitcoin whales, which are wallets holding more than 1,000 BTC, reached a new all-time high, according to data from Santiment. What followed was an impressive 70% rally for the digital asset which saw its price surge past $25,000 for the first time in six months.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-whales-shake-off-market-uncertainty-break-7-year-accumulation-record\/?swcfpc=1\">Ethereum Whales Shake Off Market Uncertainty, Break 7-Year Accumulation Record<\/a><\/div>\n<p class=\"p2\">This was not surprising as increased whale accumulations have also come with positive movements in price given that they take a significant portion of supply out of the market. However, with the number of whales holding 1,000 or more BTC declining, there could be more downside to come.<\/p>\n<p class=\"p2\">Santiment notes that this number slid to a new three-year low with a total of 378 wallets losing their whale status from the 2,489 all-time high figure recorded in February. There are currently only 2,011 wallets holding 1,000 BTC or more, down from its yearly highs of 2,266 wallets.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-521591 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/Bitcoin-whales.jpeg?resize=460%2C286\" alt=\"Bitcoin whales\" width=\"460\" height=\"286\"><\/p>\n<pre style=\"text-align: center\">Number of whales holding over 1,000 BTC falls to three-year low | Source: <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/52287232?s=20\" rel=\"nofollow\">Santiment<\/a><\/pre>\n<h2 class=\"p2\">Will Whales Drag Down The Price?<\/h2>\n<p class=\"p2\">The decline in the balances of bitcoin whale wallets could explain the current downtrend in the market. Usually, when investors reduce their holdings, it means they have sold them off, and with these large whales selling off millions of dollars worth of coins, it will certainly have an impact on the market.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p class=\"p2\">It is also important to note that in 2019 when the figure was this low, bitcoin\u2019s price also struggled tremendously. But it also presented an opportunity for investors to accumulate coins at low prices before the bull market resumed in 2019.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/MQrYeUYL\/\" alt=\"Bitcoin (BTC) price chart from TradingView.com\" width=\"2862\" height=\"1610\"><\/p>\n<pre style=\"text-align: center\">BTC price falls below $23,400 | Source: <a href=\"http:\/\/TradingView.com\" rel=\"nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p class=\"p2\">Additionally, the decline in the number of large BTC whales could also signal more decentralization in the network as coins circulate to smaller retail holders. So while it may end up being negative for the price of the digital asset in the short term, it carries more long-term positive implications.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/crypto\/crypto-market-crawls-to-a-standstill-as-investors-remain-neutral\/?swcfpc=1\">Crypto Market Crawls To A Standstill As Investors Remain Neutral<\/a><\/div>\n<p class=\"p2\">The decrease in the number of whale wallets also shows that if the bitcoin bottom has not been established yet, it is close to being established ahead of the next halving in 2024.<\/p>\n<p class=\"p2\">At the time of writing, the price of bitcoin is trending at $23,404. It is down 1.49% in the last 24 hours with additional 3.62% losses on the seven-day chart.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Follow <a href=\"https:\/\/twitter.com\/BestOwie\" rel=\"nofollow\">Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from Forbes, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Over the last month, the price of bitcoin has been in a decline. This comes after a fairly bullish month of January where prices of the digital asset returned to pre-FTX collapse levels. But while momentum has hit a roadblock, signaling that the sell-offs may be over, a decline in whale activity could mean that this is not the end of the downtrend. Bitcoin Whale Numbers Fall To 2019 Levels In early February, the number of Bitcoin whales, which are wallets holding more than 1,000 BTC, reached a new all-time high, according to data from Santiment. What followed was an impressive 70% rally for the digital asset which saw its price surge past $25,000 for the first time in six months. Related Reading: Ethereum Whales Shake Off Market Uncertainty, Break 7-Year Accumulation Record This was not surprising as increased whale accumulations have also come with positive movements in price given that they take a significant portion of supply out of the market. However, with the number of whales holding 1,000 or more BTC declining, there could be more downside to come. Santiment notes that this number slid to a new three-year low with a total of 378 wallets losing their whale status from the 2,489 all-time high figure recorded in February. There are currently only 2,011 wallets holding 1,000 BTC or more, down from its yearly highs of 2,266 wallets. Number of whales holding over 1,000 BTC falls to three-year low | Source: Santiment Will Whales Drag Down The Price? The decline in the balances of bitcoin whale wallets could explain the current downtrend in the market. Usually, when investors reduce their holdings, it means they have sold them off, and with these large whales selling off millions of dollars worth of coins, it will certainly have an impact on the market.\u00a0 It is also important to note that in 2019 when the figure was this low, bitcoin\u2019s price also struggled tremendously. But it also presented an opportunity for investors to accumulate coins at low prices before the bull market resumed in 2019. BTC price falls below $23,400 | Source: BTCUSD on TradingView.com Additionally, the decline in the number of large BTC whales could also signal more decentralization in the network as coins circulate to smaller retail holders. So while it may end up being negative for the price of the digital asset in the short term, it carries more long-term positive implications.\u00a0 Related Reading: Crypto Market Crawls To A Standstill As Investors Remain Neutral The decrease in the number of whale wallets also shows that if the bitcoin bottom has not been established yet, it is close to being established ahead of the next halving in 2024. At the time of writing, the price of bitcoin is trending at $23,404. It is down 1.49% in the last 24 hours with additional 3.62% losses on the seven-day chart.\u00a0 Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from Forbes, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":521604,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,83757,1144,78790,14896],"class_list":["post-521588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btc-whales","tag-btcusd","tag-btcusdt","tag-whale"],"acf":[],"yoast_head":"\n<title>Decline In Bitcoin Whale Activity Could Signal Further Downside For BTC Price<\/title>\n<meta name=\"description\" content=\"Over the last month, the price of bitcoin has been in a decline. 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