Bitcoin Whales Cash Out as New All-Time Highs Loom 🐋📉

Bitcoin Whales Cash Out as Price Surges

As the Bitcoin price continues to climb, reaching new all-time highs above $73,000 this week, many BTC holders are seeing significant profits. However, large Bitcoin whales, those holding at least 1,000 BTC, have taken this opportunity to sell off some of their coins.

Decline in Whale Holdings

According to crypto analyst Ali Martinez, there has been a noticeable decline in the total number of BTC held by large wallets. These whales have been reducing their allocation since the price surged towards its 2021 all-time high of $69,000.

The selling began in February and has continued into March.
As a result, the number of wallets holding over 1,000 BTC has decreased from around 2,150 in February to approximately 2,040 in March.

Impact on Bitcoin Price

The selling activity of these large Bitcoin whales can have a significant impact on the overall BTC price. When they decide to sell off a large amount of supply in a short period of time and there isn’t enough demand to absorb it, it can lead to a crash in the price.

This may explain the flash dips that have occurred during Bitcoin’s recent surge. For example, on Tuesday, March 12, Bitcoin briefly touched $73,000 but experienced a flash crash down to $68,000 before recovering.

However, despite these flash crashes caused by whale selling, Bitcoin has shown resilience and quickly recovered to reach new all-time highs.
This indicates that there is enough demand in the market to absorb the supply and support the price.