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bitcoin (btc) whales appear to be unloading some of their holdings ahead of the closely contested 2024 US presidential election.
2% drop in btc held by whale addresses
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According to the analyst, there has been a 2% decrease in the number of wallet addresses containing 1000 or more btc.
Notably, since May, the number of bitcoin whales reached its highest point in mid-October, when Republican presidential candidate Donald Trump was the heavy favorite to emerge victorious.
At the time of writing this article, the decentralized prediction markets platform Polymarket da Trump has a 62.7% chance of winning, while Democratic candidate Kamala Harris has a 37.4% chance of becoming the next president of the United States.
bitcoin whales selling some of their btc holdings as Americans prepare to vote could signal a cautious approach, possibly to mitigate potential price volatility tied to the election.
Do bitcoin Whales Expect Price Volatility?
The sell-off could suggest that bitcoin whales foresee a stricter regulatory environment for digital assets after the election. This concern may not be unfounded, as the Biden administration has faced accusations of taking a hostile stance toward the digital asset industry.
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In contrast, Trump has repeatedly promised during his election campaign to make the United States the “crypto capital of the world.”
In addition to the whale liquidation, long-term btc holders appear to be unloading their holdings. According to recent analysisLong-term holders sold over 177,000 btc in the last seven days.
Another scenario worth considering is that any further decline in whale addresses' btc holdings without a corresponding drop in price could indicate that retail investors are stepping up their purchase of the digital asset.
Notably, bitcoin demand among retail investors has maintained a consistent upward trend since September 2024. According to a recent study reportRetail demand for btc has increased by 13% in the past month, reflecting a shift in market risk appetite from risk aversion to risk acceptance.
Martínez also drew attention to btc. x.com/ali_charts/status/1853502915417424043″ target=”_blank” rel=”nofollow”>sequential TD on the 12-hour chart and how it shows a buy signal.
For the uninitiated, TD Sequential is a technical analysis indicator used to identify potential price exhaustion points and trend changes in financial markets.
That said, a Trump victory might not be the silver bullet for bitcoin's falling price, as it is. critical for the leading digital asset to hold the $68,000 support level to avoid falling to $63,000. At press time, btc is trading at $69,595, up 1.3% in the last 24 hours.
Featured image from Unsplash, x Charts and Tradingview.com
