Over the past three days, large Bitcoin holders, colloquially known as whales, have “sold or redistributed” approximately 30,000 BTC, worth more than $1.8 billion in the flagship cryptocurrency.
This is according to data from on-chain analytics firm Santiment, which was first shared by popular cryptocurrency analyst Ali Matinez, who shared the data with his followers on microblogging platform X.
Whale's decline comes at a time when Bitcoin prices have plummeted from a high of around $64,000 to around $60,700 at the time of writing, and the entire cryptocurrency market has fallen by nearly $100. Billions worth.
The decline comes as recent analysis suggests that short-term BTC holders are “gradually exiting” the market, leading to reduced selling pressure.
An analysis conducted by CryptoQuant analyst IT Tech found that the supply of Bitcoin held by short-term holders is decreasing “especially after large declines,” which reduces selling pressure and “creates an opportunity for accumulation.” , which could indicate a downward trend in prices. ”
The analyst noted that when short-term holders sell their coins, they often end up in “stronger hands, potentially stabilizing the market.”
As reported, Bitcoin is seeing a new wave of market volatility amid an “unprecedented” accumulation trend as whales that entered the market during the recent bull market continue to seek profits. Whales are seen “furiously” adding BTC to their holdings.
Featured image via Pixabay.
