Bitcoin Whales Do $2.2 Billion Selloff, But BTC Stays Strong
23 Dezember 2023 - 2:00AM
NEWSBTC
On-chain data shows Bitcoin whales have sold $2.2 billion worth of
BTC in the past week, but price has continued to hold strong so
far. Bitcoin Whales Have Distributed Around 50,000 BTC In Past Week
As pointed out by an analyst in a post on X, the BTC whales have
been participating in some selling over the past week. The relevant
indicator here is the “Supply Distribution” metric from the
on-chain analytics firm Santiment, which tells us about the total
amount of Bitcoin that the different investor groups are carrying
in their combined wallets currently. In the context of the current
discussion, “whale” entities are of interest. These humongous
investors are typically defined to be the addresses who carry
between 1,000 to 10,000 BTC. Related Reading: Polygon Breaks
Through $0.85, Is A Move To New Highs Next? At the current exchange
rate of the asset, this range converts to about $43.8 million at
the lower end and $438 million at the upper limit. Due to the sheer
scale of their holdings, the whales can carry some influence, and
therefore, they can be entities worth tracking on the blockchain.
Now, here is a chart that shows the trend in the Bitcoin Supply
Distribution specifically for these large holders over the past
month: The value of the indicator appears to have plunged in recent
days | Source: @ali_charts on X As displayed in the above graph,
the supply held by the Bitcoin whales has been showing a decline in
the past week, after remaining stagnant for the preceding few
weeks. Most of the selling had come while BTC was still trading at
the recent lows, suggesting that these were whales who had been
panicking after BTC had failed its recovery run towards $44,000. In
total, these humongous investors have shed about 50,000 BTC from
their combined wallets during this latest selloff, which is worth
almost $2.2 billion right now. Despite this selling, Bitcoin has
gone on to hit another local bottom and make a recovery push again,
this time actually making a retest of the $44,000 level (although
the asset has slumped again since then, as it’s now trading below
the mark once more). Another analyst has also given a whale selling
alert in a CryptoQuant Quicktake post, citing the data for the
“exchange inflow mean,” which is an indicator that measures the
mean amount of Bitcoin that’s being transferred to centralized
exchanges. Looks like the value of the metric has been quite high
recently | Source: CryptoQuant Exchange inflows can be a sign of
selling as investors generally use these platforms for this
purpose. The mean value of these deposit transactions shooting up
naturally implies that large entities like the whales are involved
and potentially participating in a selloff. Related Reading:
Analyst Says Polygon (MATIC) On Brink Of Major Move, Here’s Why
From the chart, it’s apparent that this metric has seen a couple of
spikes in the last two days, suggesting that the whales are still
continuing to make moves towards selling. BTC Price At the time of
writing, Bitcoin is trading around $43,500, up 3% in the past week.
The price of the coin seems to have gone stale in the last few days
| Source: BTCUSD on TradingView Featured image from Mike Doherty on
Unsplash.com, charts from TradingView.com, CryptoQuant.com
Polygon (COIN:MATICUSD)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Polygon (COIN:MATICUSD)
Historical Stock Chart
Von Jul 2023 bis Jul 2024