We had anticipated it in recent days. The whales i.e. the big holders of Bitcoin seem to be getting more and more nervous.
The price dynamics of the cryptocurrency queen have not seen huge swings lately. Obviously, this must be understood. Bitcoin by its nature fluctuates much more than a real currency but for this reason fluctuations within a certain range do not scare too much. Indeed, Bitcoin movements had seemed almost boring lately. But in reality, under the surface, analysts had noticed unusually large and important movements. It is as if all or most of the whales have started making Bitcoin handovers at the same time. Whale Alert highlighted how 5,000 BTC were suddenly moved from Xapo to the famous Binance. We are talking about a transfer worth 206 million dollars. This dynamic had emerged a couple of days ago and some saw there a strong net signal of increased volatility for the currency. Sort of like saying that the whales were simply seeing first a question of volatility that the bulk of the market would see later.
There is nervousness among the greats
However, there had also been some claims that it was a spurious peak destined to die out on its own. This was not the case: the data confirm that the whales are in great turmoil. All of this happens at a very special time for Bitcoin. In fact, it is now anxiously expecting that the authority that oversees the American stock exchange, namely the SEC, will finally take a decision on the ETF exposed to Bitcoin. This decision now considered a symbolic act, a watershed in the history of cryptocurrencies is monopolizing attention.
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Furthermore, many regulators would like to get their grip on cryptocurrencies and block many of its features or at least regulate them harshly. Nothing comparable to the total ban imposed by China, but a crackdown is being imposed.
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So it is not clear what the whales have in mind. But it is now increasingly clear that volatility on the crypto queen will have to increase.