Whale Accumulations at the Peak, Do They Know Something The Crypto Space Doesn’t?
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The crypto markets are currently been witnessed a good opportunity to stack up some and wait until the conditions stabalize. Many influencers and analysts believe the current bearish market is nothing but a bear trap spread out to accumulate the assets let out by the weak hands, mainly by the whales!
Is the bear trap laid out by the whales, as their accumulation is slowly reaching the peak?
Do the whales and the institutions know more than the retail traders?
What is compelling them to accumulate more despite their earlier holdings having incurred a significant loss?
Let us dig in more!
Who are Whales?
A cryptocurrency whale or a crypto whale or just a ‘Whale’ is referred to an individual or an entity who holds a large amount of an asset. They have enough share of the circulating supply and carry the huge potential to manipulate the price variations. Some examples include, the top 100 BTC wallets holding nearly 15.36% that’s more than 2 million BTC out of 19 million. While Dogecoin whales collectively hold nearly 52% or 29.5 billion DOGE.
These large holdings are closely monitored by the experts and tracked by the on-chain platforms as they have the potential to pump or dump the price. Most of the whales remain passive, but if in case any whale makes any transactions, it is been publicly announced. The whales always wait for the right opportunity, specifically the market crash to accumulate more. In some cases cause bear markets accumulate more.
Also Read: Will the Government Implanted CBDCs & Stablecoins Aim to Kill the Crypto Space in the Near Future?
What are Whales Accumulating Now?
It has to be noted that each crypto asset has its whale and keeps on accumulating the respective asset during each dip. However, the current scenario is a little different as the whale’s accumulated other assets with huge volumes.
Bitcoin whales have been accumulating more bitcoin in every dip. The BTC whales began accumulating in the second half of 2020 and sold when the asset smashed its highs at $64,000. Since then, the accumulation undertook a descending trend until the recent spike. In a very unusual event, whale accumulation shot up from around 3.5 million to 3.8 million.