Whales, Whales, Whales, who are these whales everyone speaks of?

[TheGodson]

Okay, so all the time. People seem to be saying "Oh the whales are manipulating the price." People act like there are this small select group of people with a bunch of money controlling the market to their desire. How much of this is fiction/real. Seems to me that people are trying to sound more informed than they really are and like to spout out a conspiracy theory to seem like they're one of the "inside" crowd. On the other hand, cryptocurrency prices behave very strangely and maybe there is some truth to all of these whales.

Thoughts?

[Jet Cash]

There are a few individuals with large holdings, and no doubt some of them are trying to manipulate the market. Most of the manipulation comes from the banking world. They created Bitcoin, and they need to demonstate that it is volatile, and a highly speculative product. This is to ensure that the products that they produce as a result of the information they have gathered from Bitcoin - their prototype project.

If you don't believe what I say, then reflect on the limits placed in Bitcoin core. They are designed to inhibit scaling, and the use of bitcoin as a general global payment system. Also. have a look at the price charts. They don't reflect Bitcoin sentiment, but reflect trading to create chart patterns for the sheep to follow, and to amplify the manipulations of the banking puppet masters.

[Don Pedro Dinero]

I think whales have not so much influence as people usually think but they do have influence.

https://news.bitcoin.com/the-65-percent-price-dip-has-made-bitcoin-whales-a-lot-more-btc/

“Many of the wealthiest bitcoin addresses besides wallets that have been dormant for years have followed the same pattern. These bitcoin whales have been able to accumulate more bitcoins due to catching the highs and lows at precisely the right time. Perusing through the top 100 richest addresses shows many of them sold thousands of BTC at once between November and December 2017.”

You might think that they are colluding to make a lot of money but you might also think that those people with so many bitcoins are not idiots and know when the market is overheated and they have to sell. Fishes did the opposite, they bought in December 2017 and sold after. Another difference is that whales know that them selling a big amount influences the market.

[Jet Cash]

I guess the real question is "Are we near the target floor they are looking for?" There is going to be another sheep run up the escalator, but when are they going to trigger it?

[TheGodson]

Has anyone ever come out and said, "Hey everyone, I'm a whale" or "I've met some whales". Maybe they prefer to lurk in the shadows.

[aleksej996]

I would assume big exchanges are responsible for these things. It seems like they could be the ones in the best position to do price manipulating.
It also wouldn't be surprising that big holders usually buy their own exchanges once they reach a certain point, so most of big exchanges might be considered whales.

[suchmoon]

The trading volume is really low these days so if there are any whales then they're really small ones. Baby whales. Or just big tuna.


Edited 2020-11-29 to fix a broken image