Bitcoin Whales Have Distributed Around 50,000 BTC In Past Week
As pointed out by an analyst in a 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.
The value of the indicator appears to have plunged in recent days | Source: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.
Another analyst has also given a whale selling alert in a CryptoQuant Quicktake , 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: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. 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: