• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
chainlink whale crypto bitfinex
Nexo Logo

Bitcoin Whales Awaken: What Does This Mean for BTC Price?

Rick Delafont by Rick Delafont
4 years ago
in Bitcoin
Reading Time: 3 mins read
Advertisement

The number of long-dormant Bitcoin wallets becoming active once again is rising according to a crypto research group. According to those compiling the data, this could pave the way for large price moves.

Other times during Bitcoin’s history where a large percentage or long-dormant wallets have “awakened” have corresponded with dramatic moves to the upside. However, since many of the wallets identified in the research hold massive amounts of Bitcoin, their owners could just as likely be preparing to sell.

Will Bitcoin’s Long-Term Whales Buy or Sell?

According to a report in Bloomberg citing analysis performed by the digital asset research group Flipside Crypto, many Bitcoin wallets that have long been inactive have reawakened. Based on past experience, this could mean that even greater price volatility could be on the way for the digital asset space.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Flipside Crypto claim that a sizeable number of Bitcoin holders who had not accessed their wallets for a period of between six months and over 2.5 years have been moving coins of late. The researchers state that the trend started in October of last year.

Since 2019 began, this trend has become more pronounced meaning that today around 60% of the entire circulating supply of Bitcoin is now being held in wallets that have been active in the last month.

Eric Stone, one of Flipside Crypto’s research team, stated in an interview cited by Bloomberg:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

“It’s definitely a big shift… There’s more potential than usual for price swings.”

Stone also stated that the supply of active Bitcoins has shot up by a huge 40% since summer 2018. The researcher also identified that the historical examples of similar wallet activity had corresponded with large shifts in the price of Bitcoin. He cited examples from both 2015 and 2017. The latter immediately preceding the parabolic rise to around $20,000 Bitcoin experienced in the closing weeks of 2017.

Owing to the current distribution of Bitcoin, these wallets awakening could once again have a dramatic impact on the Bitcoin price. This is because the owners of the wallets in question hold vast percentages of the circulating supply of the digital currency.

It is stated that just 1,000 addresses hold over four fifths of all Bitcoin that has already been mined. Many of these wallets stayed dormant during the rise and fall of Bitcoin prices over the last two years. However, Flipside Crypto’s research claims that they are once again active meaning their owners could be preparing to add to or decrease their positions in the market.

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

Stone commented:

“The fact that those wallets have been recently active leads us to believe they could soon be active again… Put another way: We have no reason to expect them to remain stagnant for another 2-plus years.”

Of course, the multi-billion-dollar question is why have these wallets suddenly become active after all this time, particularly given the Bitcoin price action of the last 24 months. Whereas Stone and the other Flipside Crypto researchers did state that activity by these so-called “whales” had previously preceded bullish market activity, there is nothing to suggest that this will be the case once again.

Unfortunately, since the owners of many of these wallets are anonymous, there is no way to tell their future intentions. Whether they will be buyers or sellers remains unclear for now, at least.

 

Related Reading: Chainalysis: Up to 3.79 Million Bitcoins May Be Lost Forever

Featured Image from Shutterstock.
Tags: Active walletsBitcoin whalesBullish or Bearish
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Related Posts

Analysts Predicts Bitcoin Will Plunge Shortly But Suggest Buy Bitcoin

Analysts Predicts Bitcoin Will Plunge Shortly But Suggest Buy Bitcoin

51 mins ago
Bitcoin Bull

Bitcoin Bullish Signal: Whale Exchange Inflows Remain Down

20 hours ago
Bitcoin

Bitcoin Whales Turn Bearish?, What’s In Store For BTC Over The Weekend

2 days ago
This On-Chain Indicator Suggests Bitcoin Still Only 1/3rd Into Bear Market

This On-Chain Indicator Suggests Bitcoin Still Only 1/3rd Into Bear Market

2 days ago
bitcoin

Bitcoin Sends Mixed Signals At $23,000, Capped Upside Potential?

2 days ago
bitcoin

Bitcoin Funding Rates Turn Positive, Why The Rally May Not Be Over

3 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Drive into metaverse: Alibaba and SAIC-backed EV brand IM Motors opens IM Valley to further embrace blockchain tech

August 7, 2022

Gnox (GNOX), Maker (MKR) And Lido DAO (LDO) Show How A Strong Staking Concept Is Mega Bullish

August 7, 2022

DeFi Summer: Uniglo (GLO), Curve DAO (CURVE) and Waves (WAVES) Are Your Best Bet To Accumulate Wealth

August 7, 2022

Gucci Is The First Business To Accept ApeCoin (APE). Is Robo Ape (RBA) Next In Line?

August 6, 2022

Gnox (GNOX) Presale Is Selling Out In Spite Of Volatile Market. Avalanche (AVAX) And Cronos (CRO) Could Bottom This Week

August 6, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.