๐#Bitcoin Update๐
Bitcoin's been on a rollercoaster, folks! ๐ข Slipping 4% over the week, it's now hovering around $66,000. But don't let the bears scare you! ๐ป
๐ธWhale wallets (10+ BTC) are at their highest holding level in 2 years! ๐ณ
๐ธThis group holds 82% of the total BTC supply, up from 84.8% in June 2022.
Remember the FTX saga? ๐ง Some speculate that its former chief, Sam Bankman-Fried, was suppressing crypto prices. Since FTX's collapse, there's been a clear link between whale wallet holdings and BTC's market value.
In the FTX era, forces may have distorted the correlation between large-holder behavior and market prices. But now, the correlation's back, with whale holdings directly impacting the market.
So, was FTX's activity an anomaly influencing crypto prices? The data suggests so.
What do you think? Was the market rigged? Let's chat in the comments! ๐ #CryptoNews #DeFi