Bitcoin Whales Playing It Safe? Addresses Holding 1,000+ BTC Decline Ahead Of US Elections

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,893,000,889,213	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,893,000,889,213

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-3,372.36	-3.40%	95,929.15	95,929.15	95,929.16

Price Change

Price Change %

Current Price

Bid Price

Offer

-3,372.36

-3.40%

95,929.15

95,929.16

High Price	Low Price	Open Price	Prev. Close	52 Week Range
99,887.00	95,083.93	99,600.00	99,301.52	38,501.00 - 108,388.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

99,887.00

95,083.93

99,600.00

99,301.52

38,501.00 - 108,388.88

Exchange	Last Trade	Size	Trade Price	Currency
BSTP	15:53:39	0.208390	95,959.00	USD

Exchange

Last Trade

Size

Trade Price

Currency

BSTP

15:53:39

0.208390

95,959.00

USD

Price x Volume	Volume	Base Symbol	Related Pairs
688,728,393.64	7,118.57	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

688,728,393.64

7,118.57

Bitcoin Whales Playing It Safe? Addresses Holding 1,000+ BTC Decline Ahead Of US Elections

06/11/2024 12:00pm

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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