Thousands Of New Bitcoin Whales Born At Weekend

asian whales start to sell btc

Thousands of new Bitcoin whales have been born; the number of wallets with more than $ 10 million in BTC has risen to more than 4,500 by the end of the week. The wallets of BTC whales were also dramatically affected, with the price of Bitcoin exceeding the record of 20 thousand dollars.

According to data collected by The Block Research, as of this weekend, more than 4,500 wallets are known to hold more than $ 10 million in Bitcoin. It was noted that the increase in the price of BTC to over 20 thousand dollars had quite an impact on the data. As of December 20, the number of wallets holding more than a thousand dollars of Bitcoin exceeded 4.6 million. On the same date, there were about 271 thousand BTC wallets with a balance exceeding 100 thousand dollars.

A chart showing the number of wallets that hold Bitcoin above a certain value.

According to this whale indicator, the BTC price may stagnate for some time
When the price of Bitcoin rose above 24 thousand dollars, it encountered a wave of sales on the part of investors, including whales. In the face of this reaction, the price of BTC fell to 22 thousand dollars. Crypto Quant’s CEO suggested in a tweet that the whale event could lead to increased sales pressure. CEO Ki Young Ju claimed that the whale’s entry into the exchanges could stagnate price mobility.

Ki Young Ju said he was aware of the risk of dumping, saying the whales were highly active in the exchanges. But the buying momentum for Bitcoin is now very strong, the CEO said, adding that if BTC is a big drop, a lateral movement can be observed. Ju said that the corrections that may occur now can also be quickly compensated.

Graphic showing whale entry in exchanges shared by Ki Young Ju. source
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