As Bitcoin price staggers, ‘whale’ wallets may be becoming an endangered species

Cointelegraph

Published May 14, 2021 01:17PM ET

Updated May 16, 2021 03:40PM ET

As Bitcoin looks to recover on Friday from a stomach-churning dip on the back of a strong bid, on-chain data indicates that high-net-worth "whale" wallets may not be part of the effort.

Bitcoin (BTC) — along with most crypto markets — suffered a staggering series of losses this week following a string of negative tweets from the world’s second-richest man, Elon Musk.

BTC net exchange inflows. Source: Glassnode
Whale wallets October 2020–April 2021. Source: Glassnode

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