Story Highlights
Whales holding millions of Bitcoin and Ethereum have become active, so the market is expected to remain volatile for a long time.
These whale movements can influence the prices of major cryptocurrencies to a great extent, and thus the crypto market could soon trigger a new bearish wave.
Amid the turmoil in the cryptocurrency market, whales are now becoming active after being silent for quite some time. With Bitcoin price now facing severe bearish pressure, whale movements could hamper the progress of the crypto market to a great extent. In the most bearish scenario, a huge selling pressure could also be created within the space, which could trigger another bearish wave.
WhaleChart, which tracks interesting and huge token movements in the market, shows that whales have woken up after remaining passive for more than a decade.
This whale appears to be from the Satoshi era, holding 6.071 BTC, worth over $180 million when it was just $3 million. Additionally, Ethereum whales appear to have followed suit, as nearly $300 million worth of ETH has been moved after lying dormant for over 5 years.
According to popular on-chain platform Santiment, a pair of Ethereum addresses have moved 150,000 tokens worth $297 million after holding them for more than 5 years. These helped create one of the largest dormant circulation spikes last year. The past dormant circulation was recorded a few months ago, which dragged the ETH price from $1,750 to $1,480 levels. However, the number of tokens transferred at this time has exceeded 500,000.
Currently, 348K of ETH has been transferred, causing the price to drop from $2141 to below $2000. If the current market conditions are slowly turning bearish, there is a possibility of extending the downtrend for a while.