Are Bitcoin whales back?

Bitcoin whales have not left the field. Throughout July, they actually kept busy. One of the most eye-catching events was the reactivation of a dormant Bitcoin wallet, untouched for nearly 12 years. 

This wallet, holding 37 BTC, was worth just $476 back in 2012. Today, it’s valued at over $2.49 million—a whopping 524,701% increase in value. 

Since then, many other old wallets have suddenly become active, holding massive amounts of Bitcoin. It’s got everyone asking: ‘Are Bitcoin whales making a comeback?’

Altcoin diversification

These whales have been accumulating Bitcoin and altcoins, like Uniswap (UNI) tokens, ahead of big market events. 

Take the recent spike in UNI holdings—up by 1,570%—just before the launch of the spot Ethereum ETF on July 23rd. Dogecoin has also seen a noticeable uptick in large holdings. 

The number of addresses with 10 million to 100 million DOGE jumped, and those holding between 100 million and 1 billion DOGE also saw an increase. 

Similarly, the DeFi token Injective (INJ) has caught their eye, with large holders increasing their net flow by 141.50% in just a week.

In addition to their trading activities, whales have been active in the public. The Bitcoin 2024 conference in Nashville became a hotspot for whale activity. 

With over 20,000 attendees, this event is a big deal. It featured exclusive networking opportunities, including a “Whale Pass” that granted access to a VIP area for high-level discussions and deal-making. 

Whales took the chance to discuss the future of Bitcoin, especially after it hit a new all-time high of $73,750 in March. 

Bitcoin’s political engagement and market influence

Whales are also paying close attention to the political landscape. Donald Trump’s appearance at the Bitcoin 2024 conference was a major draw. But with great power comes great responsibility—or in this case, concern. 

The activities of Bitcoin whales often raise eyebrows because of their potential to manipulate the market. Large-scale buying or selling can lead to price swings, making the market more volatile. 

This volatility is a double-edged sword. It can lead to massive gains or steep losses, depending on which side of the trade you’re on. Interestingly though, some whales do seem to be in it for the long haul. Remains to be seen if that changes.