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Bitcoin whales decline following bad market conditions

Bitcoin whales have derived so much public attention since the beginning of 2022, with the outflow peaking several times in a month. However, as we approach the end of the year, Bitcoin's large holders (aka whales), are starting to decline in number day after day.

Bitcoin whales decline following bad market conditions
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Blockchain intelligence firm, Glassnode, has informed on Twitter that the number of Bitcoin (BTC) whales has been rapidly decreasing and is back to its levels in early 2022. It’s been said that the notion is a result of the three-month high of coin inflows to centralized exchanges (CEXs) market exit for whales holding at least 1,000 coins and exchange inflows of more than 1.7 million coins, the most since February

Bitcoin whales Twitter

Glassnode also mentioned that Bitcoin exchange inflow volume just reached a 3-month high of 1,755.021 BTC adding the fact that BTC addresses have seen the highest level of inflows since February, having been traded in more than 1,700 coins

The Bitcoin market is seemingly gaining back the improvements it has made since January. Despite the fact that Bitcoin price is plunging daily, the number of its daily transactions remains unaffected. On Sunday the BTC market cap saw 233,892 daily transactions worth about $30 billion, which has been about the average since January. Having said all the above, investors expect BTC to continue to fall.

Whales are considered to be an issue of concern for bitcoin because of wealth concentration, particularly if it stays still in an account and lowers the liquidity, which, in turn, can lead to price volatility. Volatility can also increase furthermore if the whale moves a large quantity of bitcoin at once. The lack of liquidity and large transaction size could put downward pressure on the price of bitcoin, if the seller tries to sell bitcoin for state currency, as other market participants see the transaction and also try to sell, creating a fire sale.

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