Long-Dormant Bitcoin Whales Resuming Activity Could Rock Price Action, Analysts Say

Bloomberg bases its report on data and analysis from crypto analytics startup Flipside Crypto, which sealed the backing of major crypto exchange Coinbase and veteran crypto venture capital firm Digital Currency Group (DCG) back in November.According to Flipside, as of Oct. 2018, a high number of long-inactive Bitcoin holders — defined as those that haven’t transferred their Bitcoin for between six and thirty months — have begun to transfer their coins, resulting in wallets active over the past month now holding around 60 percent of the coin’s circulating supply.Last October — on the cusp of the rising trend identified by Flipside — blockchain research firm Chainalysis published its study into the 32 largest Bitcoin wallets. Said wallets reportedly represent 1 million BTC, worth close to $3.7 billion to press time. Their data indicated at the time that only around a third of so-called whales were active traders, and these had “net traded against the herd, buying on price declines.” The study thus concluded the so-called whales were not responsible for price volatility.

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