Bitcoin is selling off. Are Bitcoin whales responsible? Doesn’t seem like it.  Covered: Bitcoin Falling; Whales Selling? Bitcoin Whales Are Sitting This One Out Bitcoin Falling; Whales Selling? Don’t sell your #Bitcoin to whales — Crypto Rover (@rovercrc) May 8, 2022 As Bitcoin (ticker symbol: BTC), and the rest of crypto, sell off, Bitcoin whales […] The post This Is What Bitcoin Whales Are Doing During This Dip appeared first on CryptosRus.

This Is What Bitcoin Whales Are Doing During This Dip

Bitcoin is selling off. Are Bitcoin whales responsible? Doesn’t seem like it. 

Covered:

  • Bitcoin Falling; Whales Selling?
  • Bitcoin Whales Are Sitting This One Out

Bitcoin Falling; Whales Selling?

As Bitcoin (ticker symbol: BTC), and the rest of crypto, sell off, Bitcoin whales continue to be the apex predator of the space. Though, not in the way you’d expect.

According to the top 100 Bitcoin wallet addresses, whales aren’t the ones responsible for this dip. The top 100 Bitcoin wallets currently amount to about 100 billion USD. That’s about 1/6th of Bitcoin’s total market cap of $627 billion.

Only about 5 of the top 100 wallets did any selling the last 24 hours (one of them was an exchange that promptly bought back Bitcoin), while the majority didn’t participate at all. Not to mention, the ones that did do some selling, like this address, still hold a balance of over 800 million — hardly a marker of lost belief in Bitcoin as a whole.

Bitcoin Whales Are Sitting This One Out

Suffice it to say, the top 100 wallets own enough to move the market, but they don’t appear to be interested in moving it, either way. The top Bitcoin addresses aren’t doing much dip-buying either, with only about 7 of those addresses having bought any BTC in the last 24 hours.

With Bitcoin trading in the $33,200 USD range, it appears whales are not panic buying or selling. Largely, the recent dip seems driven by short-term holders. Zooming out, it’s hard to really make a pronounced statement that what we’re seeing is bear market-type stuff, considering how whales aren’t exactly dumping.

Recommended: Three Bullish On-Chain Metrics for Bitcoin

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