Whales can manipulate the market without trading BTC Back to list

Member SinceJul 08, 2021

Posts 737

Wilburn

Aug 08, 2022 a 02:38
Whales are also notorious for bluffing. In cryptocurrency exchanges, buy and sell orders can be created at different prices from the spot price.

Whales can build a wall at a target price by entering a very hefty trade order on high-volume exchanges like Binance, FTX, OKX, or Coinbase.

As an example, placing a 3,000 BTC buy order at a lower price than the spot price could create a support level for Bitcoin.

The whale will cancel the trade order if it is indeed bluffing when the price of BTC approaches the order level if it is indeed bluffing.

It is not uncommon for cryptocurrency whales to possess enormous amounts of cryptocurrency. A total of 85 Bitcoin wallets hold 15% of all Bitcoins in circulation.

In total, there are over 42% of Bitcoins in circulation in the 2200 wallets holding the most Bitcoins. A total of $185 billion is involved.

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