- Dedicated market watchers are signaling low confidence among BTC whales.
- Whale holding lowest in 29 months.
- Legacy coins moved recently.
According to market intelligence platform Santiment, Bitcoin whales are holding the lowest supply of the cryptocurrency in 29 months. ‘Bitcoin whales’ are those addresses that own 1000 or more Bitcoins.
Bitcoin prices are at record lows; it fell over 50% over the last 6 months. Its highest recorded price was approximately $69,000 last November. Since then, due to rising energy prices, market pressures and the Russian invasion of Ukraine, Bitcoin price has been at record lows. Presently, the price is hovering around the $19,000 mark.
Santiment tweeted on September 25th sharing a graph showing the holdings (total) history of Bitcoin whales for a period of 29 months. The holding touched the lowest point since April 4th, 2020 amid fears of inflation and recession. The tweet also mentioned that the amount held by whales had been falling for the last 11 months.
Source: https://www.thecoinrepublic.com/2022/09/29/bitcoin-btc-whale-holdings-falling-for-the-last-11-months-10-yr-old-coins-moved/