Bitcoin Whales Show Downward Momentum, Selling Pressure from Smaller Whales
The price of Bitcoin (BTC) has experienced a slight decline as whale activity continues to show downward momentum. Market analysis company CryptoQuant reports that the whales who led the downward trend in July 2022 have been relatively quiet recently. These whales hold between 1,000 and 10,000 Bitcoins. The current selling pressure, according to CryptoQuant, is coming from whales holding between 10 and 100 BTC.
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In addition, data from market intelligence platform Santiment reveals that the number of whale transactions worth at least $100,000 in Bitcoin has been steadily declining since November 1, experiencing a 65% decrease.