• Bitcoin whales have been reducing their coin holdings, leading to a decrease in the number of addresses holding 1000 Bitcoins.
• This could lead to BTC prices trending lower in the short term.
• Analysts are divided on whether or not BTC will succumb to pressure from these whales.
Reduced Holdings by Bitcoin Whales
Some Bitcoin whales have reduced the number of coins they hold. A CryptoQuant analyst says the BTC price could trend lower in the short term. The number of addresses holding 1000 Bitcoin [BTC] has continued to decrease according to a recent update from Santiment. The on-chain analytics platform tweeted on the first day of March that these whales who were instrumental to the BTC price jump in January and February were now only 2,011 in number. As revealed by Santiment, this number represents the lowest in about three years. Usually, massive whale accumulation results in price increases. However, dumps by this same group put cryptocurrencies like BTC at risk of decline.
Since the last week of February, BTC had not made a significant move in the upward direction. According to CoinMarketCap, the seven-day performance of the king coin was a 4.73% decline, bringing the 30-day trend to a neutral halt. This decline means that BTC was already yielding to the impact of the top addresses‘ exit. While the coin price still remained above $23,000, the viewpoint towards BTC was very utterly terrible. This was because