Bitcoin Whales Dump $2.2 Billion on Market
The price of Bitcoin has increased by 3.3% over the past week, with large holders dumping more than $2.2 billion worth of BTC on the market. According to cryptocurrency analyst Ali Martinez, Bitcoin whales have been realizing their profits over the past week after redistributing around 60,000 BTC worth around $2.22 billion.
Market Reaction to Inflation Data
The price of BTC briefly dropped below the $36,000 mark after data from the US Department of Labor revealed that last month inflation pressures eased in the country. The Labor Department reported that the overall consumer price index for October was 3.2%, much lower than the 3.7% recorded in September and below the market expectation of 3.3%. Core inflation slowed to 4.0%, the weakest since 2021, while the monthly increase of 0.2% was also in line with analysts’ forecasts.
Whales Still Holding
Not all whales are selling, however. A massive BTC whale has amassed over $500 million worth of the flagship cryptocurrency since the beginning of the year, and their dollar-cost averaging strategy has seemingly been working as their unrealized profit now exceeds $126 million.
Hot Take: Bitcoin Whales Profit Amid Market Volatility
The recent market volatility has seen Bitcoin whales profit from large sales while others continue to accumulate significant amounts of BTC, showing confidence in the cryptocurrency’s long-term potential.
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