Study: Bitcoin Whales Are Not Responsible for Volatility

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A new study by blockchain research firm Chainalysis shows that Bitcoin (BTC) whales are not responsible for price volatility. The study examined the 32 largest BTC wallets, which reportedly represent 1 million BTC, or around $6.3 billion.

BTC whales are individuals or entities that own large amount of the cryptocurrency and are said to exert influence on the market volatility. However, Chainalysis’ data reveals that BTC whales are “a diverse group, and only about a third of them are active traders. And while these trading whales certainly have the capability of executing transactions large enough to move the market, they have, on net, traded against the herd, buying on price declines.”

In the course of the research, the firm divided

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