It is known that one of the factors that affect Bitcoin price the most is BTC whales. It is known that there are always investors who have a large amount of BTC, namely whales, behind hard exits or declines, especially without any significant development in the sector.
Bitcoin Whales Begin Accumulation
The sharp decline experienced by Bitcoin on May 10 is also an example of this situation. In these minutes, when Bitcoin rose above $ 9,000 again, it was observed that there was still a movement in the whales’ USDT transactions. According to the data transmitted by Glassnode, it is seen that the volume average of USDT transactions rose to 1.092.950 USDT, the highest level of 6 months.
This high volume average had been reached on 12 December 2019 before, and the decline experienced at that time is known to all.
The data that Glassnode shares actually points to one thing, and it seems that whales can do very hard operations in a short time. If whales buy BTC loaded with USDTs, the price may rise unexpectedly. However, whales selling their BTC and switching to more USDT may be the reason for the increasing USDT volume seen now.