- Whales have started to take an interest in BTC, despite selling off their holdings earlier this month.
- Selling pressure from miners could be detrimental to the price of BTC.
Whales are known to influence Bitcoin [BTC] price over and over again. It has been observed that over the past few months, as BTC prices have been rising, both whales and retail investors have shared bullish sentiment around the coin.
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Whales swallow more BTC
As BTC prices reached $30,000, whales began to exit their positions, leaving retail investors in the dust. However, it has recently been observed that whales have started to show interest in BTC accumulation again.
According to data provided by Santiment, during the slight decline and swing in price, addresses that held 100-10,000 BTC added a total of 64,094 coins to their stack since April 11.
Due to the great interest in whale BTC, the supply value of BTC per whale has reached a stable number of 5,350 BTC / Whale.
When there is a high accumulation of Bitcoin by whales, it suggests that these large holders have a bullish sentiment towards the cryptocurrency. This can have a positive impact on Bitcoin prices as it indicates that investors with large capital are confident in its growth potential.
Although whales dominating BTC supply could have a positive impact on BTC prices in the short term, it could make retail investors more vulnerable.
According to data from glasssnode, the number of addresses containing 0.01 coins has reached an all-time high. This suggested that retail investors continued to trust BTC.
📈 #Bitcoins $BTC The number of addresses containing more than 0.01 coins just reached an ATH of 11,812,326
View metric: https://t.co/oyguxpb7S6 pic.twitter.com/X0JupyXNYv
— glassnode alerts (@glassnodealerts) April 28, 2023
Bears hide in the shadows
Interest in BTC from whales and retail investors could temporarily cause a price spike. However, selling pressure on miners could hamper its growth.
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It should be noted that the mining difficulty has now reached an all-time high of 209 zettahashes. Mining difficulty refers to the computational effort required to mine a block. It increases over time, making it harder for miners to validate transactions and earn rewards.
This can lead to higher energy and equipment costs, lower profitability, and fewer miners on the network. In the event that miners are forced to sell their assets for profit, this could have a detrimental effect on the market value of Bitcoin.