Bitcoin Wallets With 100 To 10,000 BTC Have Been Selling Recently
If you look at the data on Bitcoin supply distribution, you’ll see that large investors have been selling off their holdings recently. These investors are divided into different groups based on the number of coins they hold. The group with 100 to 1,000 coins is known as the “sharks,” while the group with 1,000 to 10,000 coins is called the “whales.” Both these groups hold significant influence over the market.
The combined supply distribution of these Bitcoin sharks and whales shows a steep drawdown in their supply over the past week. They’ve sold around 60,000 BTC, which amounts to about $2.2 billion at the current price. This significant selloff coincided with Bitcoin’s latest break above the $37,000 level.
While Bitcoin initially saw a pullback when the selling started, it quickly rebounded back to maintain around the $37,000 mark. However, without the support of these large investors, Bitcoin may struggle to break out of its sideways movement towards the upside.
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BTC Price
Bitcoin has continued to consolidate around the $37,000 level during the past few days as shown in the chart below:
Hot Take
On-chain data shows that large Bitcoin investors have participated in a significant selloff in recent weeks. This could impact Bitcoin’s future price movements and market sentiment.
