3 - 5 minute read
Over the last 30 days, the largest holders of Bitcoin, known as whales, have been selling the most BTC ever recorded on a 30-day basis. According to Glassnode, a provider of on-chain data, these whales have offloaded a total of 280,000 BTC over the past month.
It’s estimated that whales currently hold around 9 million BTC, representing a significant portion of the total BTC supply. These large holders of Bitcoin have a significant influence on the market, and such selling activity can impact the price of BTC.
Looking at the distribution of BTC among whales, we see that those holding 1,000 to 10,000 BTC have 3.6 million BTC, while those holding 10,000 to 100,000 BTC hold 1.9 million BTC. Whales holding 100,000 BTC or more hold 3.6 million BTC.
Reviewing the Trend Accumulation Score by Cohort metric, on-chain Glassnode data confirms that the concentration of sell pressure has been coming from BTC whales. This indicates that the selling activity seen over the past 30 days is likely to have been driven by these large holders of BTC.
But what could be the reason behind this sudden surge in selling activity by whales? One possibility is that these large holders are looking to take profits after the recent rally in the price of BTC. The cryptocurrency market has seen a significant bull run over the past year, with the price of BTC reaching all-time highs in December 2021. It’s possible that whales are looking to cash in on their gains before the market cools off.
Another possibility is that these large holders are diversifying their portfolios by selling off some of their BTC and investing in other assets. This could be especially true if whales believe that the market is becoming oversaturated with BTC and that there may be better opportunities elsewhere.
It’s also worth noting that this selling activity by whales could simply be a part of their normal trading patterns. Many large holders of BTC regularly buy and sell large quantities of the cryptocurrency as part of their investment strategies.
Regardless of the reason behind the selling activity by whales, it’s important to keep in mind that the market is constantly evolving and that the actions of large holders should be considered in the context of the overall market trend. While the selling activity of whales can certainly have an impact on the price of BTC, it’s just one factor among many that can influence the market.
Overall, the recent selloff of BTC by whales is a reminder of the importance of staying informed about the market and being aware of the actions of large holders. By keeping track of on-chain data and staying up-to-date on market trends, investors can make informed decisions about their own investments in BTC and other cryptocurrencies.