Bitcoin โHodlersโ Sell 200,000 BTC Since Start of 2024
If youโre holding a significant amount of Bitcoin for the long term, known as a hodler, you might be interested to know that holders have sold around 200,000 BTC since the start of 2024. However, itโs not uncommon to see this trend during bull markets, and you might see experienced investors taking profits.
This insight is from IntoTheBlock, shared on microblogging platform X (formerly known as Twitter). During the last bull market, hodlers reduced their holdings by about 15% and now they have dropped around 1.5% of their BTC.
Itโs worth noting that Bitcoin is currently trading around $51,000 after failing to remain above the $52,000 level. Itโs still above the psychological $50,000 mark and its price has started to stabilize after a significant surge.
Decreased Holdings Tied to Whales Leaving Coinbase
Coinbase has seen its Bitcoin holdings fall to levels not seen since 2017. This comes as BTC whales are withdrawing their funds into self-custody, according to data from CryptoQuant. In recent weeks, over $1 billion worth of BTC has been withdrawn from the platform. This coincides with significant buying activity by whales who accumulated over 100,000 BTC in just ten days, worth over $5 billion.
This development highlights the growing pressure being put on Bitcoinโs supply ahead of its upcoming halving event in April. This event will reduce the coinbase reward miners receive for finding blocks.
Conclusion: Growing Pressure on Bitcoinโs Supply ๐
These actions could lead to a struggle among long-term Bitcoin holders and illustrate how the selling and buying behavior of Bitcoin whales is affecting its supply. Looking ahead, it will be interesting to see how these trends in buying and selling will affect the market price of Bitcoin and whether smaller hodlers follow suit by selling their holdings or if most will continue โhodlingโ during this bull market.
Ethan Glober emerges as a visionary weaving the roles of crypto analyst, relentless researcher, and editorial artisan into a captivating narrative of insight. Within the dynamic realm of digital assets, Ethan’s insights resonate like an intricate melody, resonating with curious minds from all walks of life. His ability to untangle the most complex threads of crypto intricacies seamlessly melds with his editorial finesse, transforming intricacy into a harmonious composition of understanding.