Crypto Whales are Losing Their Supply While Retail is Buying

Crypto Whales are Losing Their Supply While Retail is Buying

Time Stamp: February 13, 2023 4:53 AM
Source Node: 1955317
  1. Whales in BTC market are losing grasp of the market.
  2. Retails are buying even more in the current bear condition in the market.
  3. Bitcoin price is in a negative market condition in the last 24 hours.

During the current bear market, the crypto market has remained mostly unaffected by the market’s unfavorable circumstances. However, according to a recent Twitter post, cryptocurrency whales are running out of digital currencies while retailers in the cryptocurrency market are purchasing them even more.

In the current market conditions for cryptocurrencies, there are two distinct types of investors: the “whales,” also known as large-scale holders who have more than 1,000 Bitcoin (BTC) in their wallet addresses, and the “retailers,” also known as smaller-scale investors who collectively possess less than 10 BTC.

However, since the bear market in 2018, the two groups have been gradually increasing; however, in the present situation, whales seem to be losing their grip on the cryptocurrency market, which benefits the retail market, although it is fascinating since it is occurring during a bear market.

A Reddit post indicates that the number of whales has decreased from its all-time high (ATH) of over 10 million BTC in May 2021 to its current level of around 9 million BTC, with the FTX collapse accounting for around 40 percent of this decline.

In the past 24 hours, the price of BTC has dropped by 1.24% and is now trading at $21,563.28, with $21,563.14 as the lowest price (support) and $22,060.99 as the highest price (resistance).

To summarize, the present market situation does not imply that retail has a monopoly over the whales, since the whales still hold 3x of the entire BTC supply.

Read Also :

Tags: BTCcryptocurrency

disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Kelvin enjoys writing about cryptocurrency and blockchain. He started blogging in 2019 and switched to cryptocurrency in 2020. Kelvin is interested in technology, football, chess, and Defi. He wants decentralization to benefit everyone on the planet.

Time Stamp:

More from Crypto News Land