The price of Bitcoin (BTC) has decreased by over 33% in the past 30 days. However, the group of BTC 'whales' have taken advantage of the recent drop in price by increasing their BTC holdings.
The recent drop in prices has proven to be a windfall for a handful of market players as it is a great gathering opportunity for the whale group. Based on data shared by IntoTheblock, the number of Bitcoins held by wallets that have BTC over 100k recorded new highs on Friday.
The firm also added that, over 776K BTC held by 5 addresses. The handle of this btc wallet has increased by 16% in the past 30 days. The total value of the Bitcoin handle is around $16 billion. This is a large amount that is not held by any other entity, therefore market players must pay attention to the address of the 'whales'. This is because if the group chooses to reduce its grip, it is expected to have a negative impact on the market.
The price of the world's largest cryptocurrency has recorded a marked decline in the past few months. This was due to a massive sell-off by holders due to the Fed's expected rate hike. Bitcoin price dropped to a touch of 17K on June 19, 2022 before playing at $20k today.
Bitcoin price has fallen by as much as 4% in the past 24 hours. It is trading at an average price of $20,324.12 at the time of writing. BTC's 24-hour trading volume also fell by 10% to $28.3 billion.
Based on a report by Arcane investigation, BTC bullies sold their Bitcoin handles aggressively in May. The first four months of 2022 saw public unions sell 30% of their expenses. The fall in prices has forced the bullies to sell their handles.
