Ancient Bitcoin Whales Are Still Asleep; Heres Why It Matters
In a post shared on X, Crypto pundit Ki Young Ju observed the state of ancient Bitcoin whales, asserting that they are still sleeping. According to his observations, Bitcoin whales have been dormant for more than seven years, depending on their source and destination, and have historically triggered market volatility.
While it is common practice for whales to make massive Bitcoin deposits to cryptocurrency exchanges, market data from CryptoQuant shows no trace of massive BTC deposits from ancient whales.
Whale dormancy notably has its downside, as ancient whales are more likely to record staggering losses, while active whales evade volatility by withdrawing or continuously moving assets. On the other hand, ancient whales are also primed to secure massive whale returns during a major price rally.
Unlike dormant ancient whales, market data shows that new Bitcoin whales are active. Per data from CryptoQuant, new Bitcoin whales pumped a whopping $108 billion into the market this year. The data, shared on October 6th, represents 48.8% of Bitcoins total realized cap.
New whales have remarkably increased their inflows by 13 times this year and are almost closing in on ancient whales with a yearly pump of $113 billion.
Fresh data suggests continued movement from new whales despite the ongoing market turmoil. Over the past 72 hours, Bitcoin whales have reportedly sold or distributed around 30,000 BTC, an estimated $1.83 billion.
Bitcoin bulls sustain momentum above $60,000
Amidst the ongoing whale activity, Bitcoin (BTC) bulls are still attempting a recovery following the recent market dip. Notably, the crypto market observed a major downward correction, resulting in a significant drop in the global market cap. At report time, the global market cap currently sits at $2.13 trillion, but nurses are still experiencing a 1.67% decline from the previous day.
Meanwhile, Crypto analyst Ali Charts asserts that Bitcoin is stuck in a descending parallel channel. After the recent rejection at the upper boundary, we might see a drop to the middle boundary at $58,000, he added.
If Bitcoin continues downward, the asset might drop to the lower boundary at $52,000. According to the analyst, the possibility of a bullish breakout before Bitcoin clears $66,000 is little to none. At the time of this report, Bitcoin is trading at $60,844.
Read more: https://zycrypto.com/ancient-bitcoin-whales-are-still-asleep-heres-why-it-matters/
Text source: ZyCrypto
