Bitcoin (BTC), or Bitcoin whales, are selling some of their Bitcoins in anticipation of the hotly contested US presidential elections of 2024.
Whale addresses hold 2% of BTC
The aforementioned is a post on X, crypto analyst Ali Martinez shared that Bitcoin whales – wallet addresses holding a significant amount of BTC – are “dialing back exposure” It is a good idea to prepare ahead of the likely very tight race for US presidency.
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The analyst states that there was a 2 percent decrease in wallet addresses with 1,000 BTC or more.
The number of Bitcoin Whales has been at its peak since mid-October, when Donald Trump, Republican candidate for president, was the clear favorite to win.
Polymarket is a platform for decentralized predictions markets that was being written at the time. gives Trump has a 62.7% winning chance, while Democratic nominee Kamala Harriman’s chances of being the next US President are 37.4%.
It could be a sign of caution if Bitcoin whales sell some BTCs before the American elections. This may have been done to minimize any price volatility that might occur.
Bitcoin Whales Expecting Prices Volatility
It is possible that Bitcoin Whales are anticipating a tighter regulation of digital assets after the elections. The concern is not unfounded as Biden’s administration was accused of taking a hostile approach to the digital asset industry.
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Trump, on the other hand, has promised repeatedly to make America the “crypto capital of the world” He ran his election campaign.
According to recent reports, BTC long-term holders are selling off their BTC. In recent reports, analysisIn the past seven days, long-term investors sold more than 177,000 BTC.
One scenario that is worth considering, however, would be a further drop in BTC in the whale address’s BTC portfolio without an equal decrease in price. This could mean that investors from retail are buying this digital asset.
Since September 2024, the demand for Bitcoin has steadily increased amongst retail investors. A recent study suggests. reportRetail demand for BTC increased 13% over the last month. This reflects a change in risk appetite on the market, from one of risk off to one of risk on.
Martinez drew attention to BTC as well. TD sequential The 12-hour chart is showing a buying signal.
For those who are not familiar with TD Sequential, it is a type of technical analysis that identifies potential points for price exhaustion and trend reversal in the financial markets.
A Trump victory may not provide the solution to Bitcoin’s falling price. critical For the top digital assets to maintain the $68,000 level of support to avoid sliding to $63,000. BTC is currently trading at $69.595, up 1.3% from the previous 24 hours.
Images from Unsplash and charts from Tradingview.com, X.
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Source: www.newsbtc.com
