Bitcoin’s big players—those holding at least 1,000 BTC, worth about $17 million each—are dwindling. According to Glassnode’s December 3, 2022, data drop, the number of these whale wallets has sunk to a three-year low of 2,063. It’s a sign the crypto titans might be losing their nerve amid shaky market vibes.
Looking back, history hints that when whale wallets take a dive like this, Bitcoin’s price often—though not always—follows suit with a nasty drop. Glassnode’s numbers also show the seven-day average transaction volume scraping a two-year bottom at $25.438 on December 3, just a hair below the $25.450 low from the day prior. That’s a quiet market, and not in a good way.
Crypto analysts have been sounding the alarm too, warning Bitcoin could be headed for deeper trouble—despite some folks getting starry-eyed “without reason,” as one put it. Whales pulling back, transactions drying up, and a jittery mood? It’s not painting a rosy picture for BTC right now.
