Bitcoin Whales Move Older Coins Ahead of ETF Approval, Analyst Shares What This Means For BTC

According to market intelligence firm Santiment, large Bitcoin wallet holders were actively moving older or longer-term coins leading up to last week’s Bitcoin ETF approval event. This pushed down the average age of BTC held in whale wallets considerably.

Santiment notes early signs that this accelerated unwinding of old supply may finally be easing up for now.

Implications for Price Action

If whales temper move large volumes of aged Bitcoin, it increases the probability the current crypto bull run takes a breather for the time being after a volatile start to 2024.

Source: Santiment – Start using it today

However, Santiment cautions that whales could ignite another wave targeting $45–50k if substantial older supply hits the market again, pushing down the mean coin age invested.

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Hence, monitoring the top-holder wallet age metrics serves as an insightful trigger to watch for potential volatility. Another sharp downtick in average days held likely signals a significant price breakout looms.

Bitcoin has seen increased volatility since the start of 2024, as bulls and bears battle it out amidst macro uncertainty and ETF news. More defined price trends should emerge depending on whether whales provide bulls or bears with more ammunition.

In light of this uncertainty, following on-chain whale indicators helps inform near- to medium-term directional bias.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency