Bitcoin Whales Selling BTC Holdings
A recent report from market intelligence platform Santiment reveals that Bitcoin whales have sold approximately 50,000 BTC over the past week. This has raised concerns and speculation about why these large holders are offloading their Bitcoin holdings. CoinShares also reported minor outflows from digital asset funds last week, totaling $16 million. However, this is likely due to profit-taking rather than a shift in sentiment.
Whales Selling Bitcoin for Profit
The sentiment among whales could be that it’s a good time to take profits, especially considering that 89% of Bitcoin’s total supply is currently in profit. On the other hand, there has been an increase in the number of non-zero Bitcoin addresses, indicating a growing interest from investors. Many are looking to invest in Bitcoin ahead of the potential approval of a Spot Bitcoin ETF and the upcoming BTC Halving event.
Predictions for Bitcoin Price
Matrixport predicts that if a Spot Bitcoin ETF is approved, Bitcoin could experience a 30% price increase. They draw parallels to historical instances such as the launch of CME Group’s Bitcoin futures in 2017, where Bitcoin saw a 196% rise in a six-to-seven-week window following the launch. Matrixport expects a similar breakout before the end of the year, as historical patterns show a price increase between Christmas and New Year’s. They previously predicted that Bitcoin would reach $45,000 by April 2024.
Hot Take: Will Bitcoin Continue to Rise?
While recent whale sell-offs may raise concerns about the future of Bitcoin’s rally, it’s important to consider other factors such as increasing investor interest and potential approval of a Spot Bitcoin ETF. Historical patterns and predictions also suggest that Bitcoin could still see significant price increases in the near future. Keep an eye on market trends and upcoming events to stay informed about the potential direction of Bitcoin’s price.
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