Namely, whales may actually be stabilizing the market rather than the opposite.
Bloomberg contacted Chainalysis, which discovered that "50 transactions involving a total of 50,500 Bitcoins originating from that whale's wallet were moved between August 23 and 30". Now, in an advertisement for new Call Screen service by Google, developed to allow users to communicate with callers prior to answering the call, the USA search behemoth has joked about the increasing cost of mining cryptocurrency & bitcoin.
Do you think Bitcoin whales drive the market - or is the Chainalysis report a better explanation for what moves the market?
Not only can they have an impact through their organic investment decisions, but they can also purposefully manipulate markets because of the large quantities of Bitcoin they possess.
The Bitcoin Cash (BCH) price is 11% lower at US$457.66.
"Evidence has shown that there have been little correlation between global stock indexes and the price of Bitcoin". Though, Chainalysis' "The Not-So-Killer Whales of Bitcoin" report proves that these fears may be unfounded. In it, it's concluded that Bitcoin whales are not necessarily to blame for the highly fluctuating state of the cryptocurrency market. This net activity shows "that trading whales were not selling off bitcoin in any mass amount, but rather were net receivers of bitcoin from exchanges in late 2016 and 2017".
Given Thursday's sudden drop a collapse in price now looks the more likely of the two scenarios. Many assume that these individuals are now very wealthy.
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As much as five percent of the cryptocurrency's value was lost in a matter of just minutes. These are wallets where the owner has lost their private keys and can no longer access their bitcoin. To understand these circumstances, it is beneficial to understand how crypto wallet recovery works. "Early adopters/miners and criminals have been in a holding pattern in recent years and lost bitcoin whales have, by definition, been inactive since 2011 (and, we assume, will remain so indefinitely)".
Are Trading Bitcoin Whales Promoting Price Volatility?
Investors have always been wary of a market situation where a few whales can exert overwhelming control over the asset price, fuelled in part by reports suggesting that whales deciding to sell large amounts of their BTC holdings have triggered sudden downward price movement.
Whales appear to stabilize the market during meltdowns, and from a trading standpoint, their vested interest could lead to "buying the dip" instead of participating in a market crash.
On the topic of rumors, manipulation, and whales, surely the crypto-verse will wonder exactly which whale just moved 15,220 ($100,317,283) from between wallets. The hourly RSI indicator is at 21.1, which suggests that BTC is now oversold.