Currently, about 1,737 wallets house more than 1,000 bitcoins. Accumulation between these holders continues to decline, which would affect the market.
The amount of bitcoin (BTC) housed by addresses described as “whales” is falling. Currently, there are only 1,737 wallets with a balance registered at 1,000 bitcoins or more, the lowest peak in at least 22 months.
Glassnode presents that, on May 28, the number of bitcoin whales approached its lowest stage since 2020. And they could keep decreasing over time; even one of these whales abandoned the market after May 25.
Generally, a decrease of bitcoin whales highlights a lack of trust regarding where and how the price of this digital asset moves.
“Bitcoin whales” is the name that the crypto space gives to the most prominent holders of the leading crypto asset by market capitalization.
So, with these entities flocking to exchanges to offload their holdings, there is a clear bearish sign as the cryptocurrency falls to its lowest price level this year and struggles to retake $30,000.
The price of bitcoin is USD 29,300, according to the CriptoNoticias calculator. The cryptocurrency recovered 0.88% in the last 24 hours, but the figures are still red in price in the previous seven days, with a loss of almost 3%.
Bitcoin has lost more than 50% of its value in the past six months amid a sector-wide decline that has wiped over $1.5 billion off the global cryptocurrency market capitalization.
With more Whales Liquidating their Bitcoins, the Price Could Fall or Boost its Rise
In that sense, some experts believe that this bear market will stay for a long time. It is precisely what the specialist Ali Martínez highlighted; he believes that the digital asset price could keep crumbling down for a long, long time.
Martinez saw on Twitter that the most appropriate support level for bitcoin relies on $29,330 and $30,200, where more than 1.4 billion addresses house at least 860,000 bitcoins or more.
Bitcoin Needs to Stay above this Demand to Have a Chance to Meet a full Recovery
However, some signs mean that the price of bitcoin will not crumble down below $20,000 again. This mark is essential for the price history of the leading digital asset.
Historically, the reduction in bitcoin issuance (halving approximately every four years via halving) came along with increases in the price stages of the crypto asset. In the current location, after the 2020 halving, there has been a cap above $69,000. And in the previous one, the maximum had been reaching a peak registered at 20,000.
By: Jenson Nuñez
