Bitcoin Whales Playing It Safe? Addresses Holding 1,000+ BTC Decline Ahead Of US Elections
06 Novembro 2024 - 9:00AM
NEWSBTC
Bitcoin (BTC) whales appear to be offloading some of their holdings
ahead of the closely contested 2024 US presidential election. 2%
Fall In BTC Held By Whale Addresses In a post on X, crypto analyst
Ali Martinez shared that Bitcoin whales – wallet addresses holding
a significant amount of BTC – are “dialing back exposure” ahead of
what is likely to be a very closely contested US presidential
election. Related Reading: Bitcoin Price Crash Below $70,000: What
Does It Have To Do With Whales And The US Presidential Elections?
According to the analyst, there has been a 2% decrease in the
number of wallet addresses holding 1,000 or more BTC.
Notably, since May, the number of Bitcoin whales was at its highest
during mid-October when Republican presidential candidate Donald
Trump was the overwhelming favorite to emerge victorious. At the
time of writing, decentralized prediction markets platform
Polymarket gives Trump a 62.7% chance of winning, while Democratic
candidate Kamala Harris has a 37.4% chance of becoming the next US
president. Bitcoin whales selling some of their BTC holdings as
Americans prepare to vote could indicate a cautious approach,
possibly to mitigate potential price volatility tied to the
elections. Bitcoin Whales Expecting Price Volatility? The selloff
might suggest that Bitcoin whales foresee a stricter regulatory
environment for digital assets following the elections. This
concern may not be unfounded, as the Biden administration has faced
accusations of adopting a hostile stance toward the digital assets
industry. Related Reading: Bitcoin Price Decline Worsens: Could It
Be Setting Up for Major Reversal? On the contrary, Trump has
repeatedly promised to make the US the “crypto capital of the
world” during his election campaign. In addition to the
whale selloff, long-term BTC holders appear to be disposing of
their holdings. According to recent analysis, more than 177,000 BTC
were sold by long-term holders in the last seven days. Another
scenario worth considering is that any further decline in whale
addresses’ BTC holdings without a corresponding drop in price could
indicate that retail investors are stepping up to buy the digital
asset. Notably, demand for Bitcoin among retail investors has been
on a steady uptrend since September 2024. According to a recent
report, retail demand for BTC rose 13% in the past month,
reflecting a shift in the market’s risk appetite from risk-off to
risk-on. Martinez also brought attention to BTC’s TD sequential on
the 12-hour chart and how it is flashing a buy signal. For
the uninitiated, TD sequential is a technical analysis indicator
used to identify potential price exhaustion points and trend
reversals in financial markets. That said, a Trump victory
might not be the silver bullet for Bitcoin’s tumbling price, as it
is critical for the top digital asset to hold the $68,000 support
level to avoid slipping to $63,000. At press time, BTC trades at
$69,595, up 1.3% in the past 24 hours. Featured image from
Unsplash, Charts from X and Tradingview.com
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