Bitcoin Whales Selling $2.2 Billion Worth of BTC
Recent on-chain data reveals that Bitcoin whales have sold approximately $2.2 billion worth of BTC in the past week. Despite this selling pressure, the price of Bitcoin has remained strong.
Bitcoin Whales Distributing 50,000 BTC
An analyst on X highlighted that BTC whales have been actively selling their holdings over the past week. The “Supply Distribution” metric from Santiment, an on-chain analytics firm, provides insights into the total amount of Bitcoin held by different investor groups.
Specifically, the focus is on “whale” entities, which are addresses holding between 1,000 to 10,000 BTC. These large investors can exert influence due to their substantial holdings.
Influence of Bitcoin Whales
With the current exchange rate, whale addresses hold between $43.8 million and $438 million worth of BTC. Monitoring their activities on the blockchain can be valuable.
A chart displaying the trend in Bitcoin Supply Distribution for these large holders over the past month is available.
Spike in Exchange Inflows
The “exchange inflow” metric measures the amount of Bitcoin being transferred to centralized exchanges, often indicating selling activity. Recent data shows a notable increase in deposit transactions, suggesting whale entities are participating in a potential selloff.
These spikes in exchange inflows have occurred over the last two days, indicating ongoing selling by whales.
Bitcoin Price
As of now, Bitcoin is trading at approximately $43,500, marking a 3% increase over the past week.
Hot Take: Bitcoin Whales Selling, but Price Holds Strong
Despite Bitcoin whales selling $2.2 billion worth of BTC in the past week, the cryptocurrency’s price has managed to maintain its strength. This selling activity by large investors has led to increased exchange inflows, indicating a potential selloff. However, Bitcoin’s resilience and current trading price of around $43,500 suggest that there is strong demand and support in the market. It will be interesting to see how this situation develops and if the whales’ selling pressure continues or subsides.
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