While the crypto markets are chopping around, the whales have now become active after remaining dormant for a pretty long time. Now that the Bitcoin price is facing acute bearish pressure, the whale movements may hinder the progress of the crypto markets to a large extent. In the most bearish cases, massive selling pressure may also be created within the space, which may trigger yet another bearish wave.
WhaleChart which tracks interesting and huge token movements in the markets revealed that a whale has woken up after remaining passive for over a decade now.
The whale appears to be from the Satoshi era holding 6.071 BTC worth more than $180 million at the moment which was just $3 million then. Besides, Ethereum whales also appear to follow the suit as nearly $300 million worth of ETH has been moved after remaining still for over 5 years.
As per the popular on-chain platform, Santiment, a pair of Ethereum addresses have moved 150K tokens worth $297 million after holding these coins for more than 5 years. These have aided in creating one of the largest dormant circulation spikes in the past year. The past dormant circulation was recorded a couple of months ago, which dragged the ETH price from $1750 to $1480 levels. However, the number of tokens moved had surpassed 500K by then.
Presently, 348K in ETH has been moved, which has dropped the price from $2141 to levels below $2000. If the current market conditions are slowly turning bearish, they carry the possibility of extending the descending trend for a while.
Source: https://coinpedia.org/price-analysis/dormant-bitcoin-ethereum-whales-awaken-up-will-this-fuel-the-ongoing-bearish-trend/