Research: Crypto Whales Are Stabilizing The Market, Contrary to Popular Belief
In both the natural world and the crypto market, whales are seen as colossal creatures that have a profound effect on the environment around them. Since Bitcoin’s rise to fame, a countless number of cryptocurrency investors have claimed that whales have been the primary catalyst behind this market’s unpredictable price movements. But, according to data compiled by one of the crypto industry’s data analysis groups, the whale theory is nothing more than a popular urban legend.
Killer Crypto Whales? Think Again.
As reported by NewsBTC in early-September, following a 20% decline in the value of Bitcoin, the cryptocurrency community flew into a frenzy, as it wasn’t immediately clear what caused the influx of sell-side pressure. Eventually, internet sleuths uncovered a specific, whale-owned Bitcoin wallet that transferred over 15,593 BTC to Binance and Bitfinex in the days preceding the 20% sell-off.
Although this could have been a rather untimely coincidence, many began to…
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