{"id":552901,"date":"2023-09-26T14:45:05","date_gmt":"2023-09-26T14:45:05","guid":{"rendered":"https:\/\/ktsl888.com\/?p=552901"},"modified":"2024-06-11T07:44:03","modified_gmt":"2024-06-11T07:44:03","slug":"bitcoin-mega-whales-return-selling-downside","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-mega-whales-return-selling-downside\/","title":{"rendered":"Bitcoin Mega Whales Return To Selling Mode, More Downside Soon?"},"content":{"rendered":"

On-chain data shows the largest of the Bitcoin whales have returned to distribution, a sign that could be bearish for the asset’s price.<\/p>\n

Bitcoin Investors With More Than 10,000 BTC Are Selling Again<\/h2>\n

As explained by analyst James V. Straten in a new post<\/a> on X, the BTC whales, who had earlier been in a phase of accumulation, have switched their behavior to that of distribution now.<\/p>\n

The relevant indicator here is the “Trend Accumulation Score<\/a>” from Glassnode, which keeps track of whether Bitcoin investors have been buying or selling during the past month. This metric finds this value by looking at the balance changes in the addresses of the holders.<\/p>\n

The score also puts a higher weightage on the larger entities, meaning that the accumulation of a few large holders would be more significant for the indicator than the behavior of the smaller hands.<\/p>\n

Related Reading: Bitcoin Social Media Talk Drops To 3-Month Low, All Eyes On Altcoins?<\/a><\/div>\n

When the Trend Accumulation Score has a value close to 1, it means that there is a trend of net accumulation in the market right now. On the other hand, values close to zero imply distribution is the dominant behavior currently.<\/p>\n

Now, here is how this score has changed for the various Bitcoin investor cohorts since the start of the year:<\/p>\n

\"Bitcoin<\/p>\n

The data for the Trend Accumulation Score for various groups | Source: @jimmyvs24 on X<\/a><\/pre>\n
As you can see above, the entire Bitcoin market had been displaying a net distribution behavior during August as the accumulation trend score had been a shade of red for all the cohorts (with the deeper shades naturally being closer to the zero mark). During this selloff period, BTC had registered a significant drawdown<\/a>.<\/p>\n
At the start of September, most of the investor groups had still continued to sell, but interestingly, the largest cohort in the sector, the holders carrying more than 10,000 BTC ($262.7 million at the current exchange rate) had started accumulating instead.<\/p>\n
This group may be called the “mega whales<\/a>,” since these investors stand out even among the whales. From the data, it’s visible that while these mega whales had been buying earlier in the month, they have recently again shown a shift in their behavior.<\/p>\n
The Trend Accumulation Score has declined for these humongous entities and now it’s leaning toward distribution. This may suggest that while these investors had thought the earlier lows presented ideal entry opportunities, the fact that the coin has only continued to stagnate recently may have changed their minds.<\/p>\n
At present, though, the mega whales aren’t dumping Bitcoin at too large a scale. The same is not true for the rest of the cohorts, however, who have taken to some pretty heavy selling recently, as the Trend Accumulation Score has turned deep red for them.<\/p>\n
Related Reading: Ethereum Funding Rates Turn Deep Red, What Does It Mean?<\/a><\/div>\n
This market-wide selling could be a troubling sign for the cryptocurrency and may be a foreshadowing of a drawdown in the near future.<\/p>\n
BTC Price<\/h2>\n
Bitcoin has been showing a trend of overall consolidation since the crash back in August, as the cryptocurrency continues to float around the $26,200 mark.<\/p>\n
\"Bitcoin<\/p>\n
BTC has been stuck in sideways movement for a while now | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Rod Long on Unsplash.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the largest of the Bitcoin whales have returned to distribution, a sign that could be bearish for the asset’s price. Bitcoin Investors With More Than 10,000 BTC Are Selling Again As explained by analyst James V. Straten in a new post on X, the BTC whales, who had earlier been in a phase of accumulation, have switched their behavior to that of distribution now. The relevant indicator here is the “Trend Accumulation Score” from Glassnode, which keeps track of whether Bitcoin investors have been buying or selling during the past month. This metric finds this value by looking at the balance changes in the addresses of the holders. The score also puts a higher weightage on the larger entities, meaning that the accumulation of a few large holders would be more significant for the indicator than the behavior of the smaller hands. Related Reading: Bitcoin Social Media Talk Drops To 3-Month Low, All Eyes On Altcoins? When the Trend Accumulation Score has a value close to 1, it means that there is a trend of net accumulation in the market right now. On the other hand, values close to zero imply distribution is the dominant behavior currently. Now, here is how this score has changed for the various Bitcoin investor cohorts since the start of the year: The data for the Trend Accumulation Score for various groups | Source: @jimmyvs24 on X As you can see above, the entire Bitcoin market had been displaying a net distribution behavior during August as the accumulation trend score had been a shade of red for all the cohorts (with the deeper shades naturally being closer to the zero mark). During this selloff period, BTC had registered a significant drawdown. At the start of September, most of the investor groups had still continued to sell, but interestingly, the largest cohort in the sector, the holders carrying more than 10,000 BTC ($262.7 million at the current exchange rate) had started accumulating instead. This group may be called the “mega whales,” since these investors stand out even among the whales. From the data, it’s visible that while these mega whales had been buying earlier in the month, they have recently again shown a shift in their behavior. The Trend Accumulation Score has declined for these humongous entities and now it’s leaning toward distribution. This may suggest that while these investors had thought the earlier lows presented ideal entry opportunities, the fact that the coin has only continued to stagnate recently may have changed their minds. At present, though, the mega whales aren’t dumping Bitcoin at too large a scale. The same is not true for the rest of the cohorts, however, who have taken to some pretty heavy selling recently, as the Trend Accumulation Score has turned deep red for them. Related Reading: Ethereum Funding Rates Turn Deep Red, What Does It Mean? This market-wide selling could be a troubling sign for the cryptocurrency and may be a foreshadowing of a drawdown in the near future. BTC Price Bitcoin has been showing a trend of overall consolidation since the crash back in August, as the cryptocurrency continues to float around the $26,200 mark. BTC has been stuck in sideways movement for a while now | Source: BTCUSD on TradingView Featured image from Rod Long on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":552908,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,89479,87375,19064,1119,1144],"class_list":["post-552901","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-mega-whales","tag-bitcoin-selling","tag-bitcoin-whales","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Mega Whales Return To Selling Mode, More Downside Soon?<\/title>\n<meta name=\"description\" content=\"On-chain data shows the largest of the Bitcoin whales have returned to distribution, a sign that could be bearish for the asset's 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Mega Whales Return To Selling Mode, More Downside Soon?","url":"http:\/\/ktsl888.com\/news\/bitcoin-mega-whales-return-selling-downside\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-mega-whales-return-selling-downside\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/09\/rod-long-gUYYvPrnuHY-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/09\/rod-long-gUYYvPrnuHY-unsplash.jpg?fit=5073%2C3382"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin mega whales","bitcoin selling","bitcoin whales","btc","btcusd"],"dateCreated":"2023-09-26T14:45:05Z","datePublished":"2023-09-26T14:45:05Z","dateModified":"2024-06-11T07:44:03Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Mega Whales Return To Selling Mode, More Downside Soon?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-mega-whales-return-selling-downside\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-mega-whales-return-selling-downside\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/rod-long-gUYYvPrnuHY-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/rod-long-gUYYvPrnuHY-unsplash.jpg?fit=5073%2C3382\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin mega whales\",\"bitcoin selling\",\"bitcoin whales\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-09-26T14:45:05Z\",\"datePublished\":\"2023-09-26T14:45:05Z\",\"dateModified\":\"2024-06-11T07:44:03Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/09\/rod-long-gUYYvPrnuHY-unsplash.jpg?fit=5073%2C3382","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/552901"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=552901"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/552901\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/552908"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=552901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=552901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=552901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}