There has been an uptick in the number of whales that are transferring their crypto
, a large number of whale wallets started coming out of hibernation over the last few weeks. Addresses that were created almost a decade ago started moving their coins en masse.
According to the analysis shared by crypto research firm CryptoQuant, this might be a sign of growing selling pressure, with long-term holders moving to liquidate their coins. However, large players are more likely to sell holdings through over-the-counter desks, thus they are unlikely to push the price of Bitcoin much lower even if they choose to sell a lot of coins at the same time. It is also possible that whales are simply moving coins to different wallets.
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