January 21, 2021

Cryptheory

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Crypto market dip continues as BTC whales increase their holdings

2 min read

TL;DR Breakdown

  • The crypto market has experienced price volatility this week.
  • Bitcoin whales have remained unperturbed despite the market volatility.

The crypto market has been on a general bull run since the year began. Value of crypto assets have appreciated massively, breaking new heights and touching new grounds.

But since the beginning of this week, the crypto market witnessed its first major dip of the year. Bitcoin’s price crashed to as low as $32,000, the value of Ethereum also dropped below $1000. The overall market cap of the industry also plummeted to around $900 billion.

While assets in the crypto market made some recovery yesterday, and the market cap touched its previous height of $1 trillion. Presently, the volatility of the industry has kicked in again.

According to Nomics, Bitcoin price is down again by 5%. Other crypto assets like Ethereum, Cardano, Litecoin, Bitcoin Cash, and the rest have also seen their values drop by at least 6%. In fact, HEX, which gained 15% yesterday has lost 17% of its value as of this morning.

Bitcoin whales unperturbed by crypto market volatility 

BitInfoCharts, a site that tracks addresses holding the largest BTC, has revealed that the Bitcoin whales have not acted in any way strange.

According to the site, ten wallets are being tracked. And among the ten, half of them have not shown any sign of a movement in recent times. While three wallets, however, have been involved in massive transactions lately.

Bitfinex, the largest known wallet, has seen its cold wallet storage add up to 3000 BTC in the previous week alone. The third-largest address has been involved in transactions involving close to 20,000 BTC in the last one month alone.

To put it in perspective, it means that those three wallets were involved in transactions worth over $8 billion.

And of the top 50 wallets, only seven transferred BTC out of these wallets in the last one week. This means that the whales account see the current price volatility of the crypto market as no reason to panic.





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