{"id":560422,"date":"2023-11-13T20:00:12","date_gmt":"2023-11-13T20:00:12","guid":{"rendered":"https:\/\/ktsl888.com\/?p=560422"},"modified":"2024-06-11T07:01:55","modified_gmt":"2024-06-11T07:01:55","slug":"bitcoin-sharks-whales-2-2-selloff-btc-37000","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-sharks-whales-2-2-selloff-btc-37000\/","title":{"rendered":"Bitcoin Sharks & Whales Do $2.2 Billion Selloff, But BTC Hangs On At $37,000"},"content":{"rendered":"

On-chain data shows the Bitcoin sharks and whales have participated in a selloff of around $2.2 billion during the past week.<\/p>\n

Bitcoin Wallets With 100 To 10,000 BTC Have Been Selling Recently<\/h2>\n

As pointed out by analyst Ali in a post<\/a> on X, the large BTC investors might have been harvesting their profits recently. The indicator of interest here is the “BTC Supply Distribution<\/a>,” which keeps track of the total amount of Bitcoin the different wallet groups in the sector are holding.<\/p>\n

The addresses or investors are divided into these groups based on the total number of coins they currently carry. For instance, the 1 to 10 coins cohort includes all wallets with a balance of at least 1 and at most 10 BTC.<\/p>\n

Related Reading: Chainlink Forms Sell Signal, Analyst Predicts Pullback To This Level<\/a><\/div>\n

In the context of the current discussion, the 100 to 10,000 BTC range is of focus. The 100 to 1,000 coins group is popularly called the “sharks<\/a>,” while the 1,000 to 10,000 cohort includes the whales<\/a>.<\/p>\n

Both groups carry significant amounts, so their behavior can be relevant for the wider market. Though the whales are much larger of the two, and thus hold much more influence on the network.<\/p>\n

Now, here is a chart that shows the trend in the combined Supply Distribution of the Bitcoin sharks and whales over the past couple of months:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have registered a sharp drop in recent days | Source: @ali_charts on X<\/a><\/pre>\n
As displayed in the above graph, the 100 to 10,000 coins Bitcoin investors have seen their supply go through a steep drawdown during the past week. During this drop, these humongous entities have sold around 60,000 BTC, worth about $2.2 billion at the current asset price.<\/p>\n
This is a notable amount, and considering that the timing of the distribution has coincided with BTC’s latest break above the $37,000 level, it would appear possible that these key holders have participated in this huge selloff to harvest the profits that they would have amassed in the rally.<\/p>\n
The sharks and whales also took part in some selling when BTC had broken above $35,000 last month, but both the rate and the scale of the selloff were lesser when compared to the one now, as the Supply Distribution for these cohorts has plunged rather steeply this time around.<\/p>\n
So far, however, despite this large selloff, Bitcoin hasn’t had much trouble maintaining around the $37,000 mark. The asset initially saw a pullback when the selling started, as it retraced towards $36,000, but it rebounded back quickly enough.<\/p>\n
Related Reading: Is A Bearish Reversal Coming For Bitcoin? This Metric May Warn So<\/a><\/div>\n
That said, BTC may not be able to break out of its sideways movement toward the upside without the backing of the sharks and whales. The aforementioned surge towards the $37,000 had also occurred just after these investors had made some huge buying moves.<\/p>\n
BTC Price<\/h2>\n
Bitcoin has continued to consolidate around the $37,000 level during the past few days as the chart below shows.<\/p>\n
\"Bitcoin<\/p>\n
BTC hasn't been moving much recently | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from NOAA on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Bitcoin sharks and whales have participated in a selloff of around $2.2 billion during the past week. Bitcoin Wallets With 100 To 10,000 BTC Have Been Selling Recently As pointed out by analyst Ali in a post on X, the large BTC investors might have been harvesting their profits recently. The indicator of interest here is the “BTC Supply Distribution,” which keeps track of the total amount of Bitcoin the different wallet groups in the sector are holding. The addresses or investors are divided into these groups based on the total number of coins they currently carry. For instance, the 1 to 10 coins cohort includes all wallets with a balance of at least 1 and at most 10 BTC. Related Reading: Chainlink Forms Sell Signal, Analyst Predicts Pullback To This Level In the context of the current discussion, the 100 to 10,000 BTC range is of focus. The 100 to 1,000 coins group is popularly called the “sharks,” while the 1,000 to 10,000 cohort includes the whales. Both groups carry significant amounts, so their behavior can be relevant for the wider market. Though the whales are much larger of the two, and thus hold much more influence on the network. Now, here is a chart that shows the trend in the combined Supply Distribution of the Bitcoin sharks and whales over the past couple of months: The value of the metric seems to have registered a sharp drop in recent days | Source: @ali_charts on X As displayed in the above graph, the 100 to 10,000 coins Bitcoin investors have seen their supply go through a steep drawdown during the past week. During this drop, these humongous entities have sold around 60,000 BTC, worth about $2.2 billion at the current asset price. This is a notable amount, and considering that the timing of the distribution has coincided with BTC’s latest break above the $37,000 level, it would appear possible that these key holders have participated in this huge selloff to harvest the profits that they would have amassed in the rally. The sharks and whales also took part in some selling when BTC had broken above $35,000 last month, but both the rate and the scale of the selloff were lesser when compared to the one now, as the Supply Distribution for these cohorts has plunged rather steeply this time around. So far, however, despite this large selloff, Bitcoin hasn’t had much trouble maintaining around the $37,000 mark. The asset initially saw a pullback when the selling started, as it retraced towards $36,000, but it rebounded back quickly enough. Related Reading: Is A Bearish Reversal Coming For Bitcoin? This Metric May Warn So That said, BTC may not be able to break out of its sideways movement toward the upside without the backing of the sharks and whales. The aforementioned surge towards the $37,000 had also occurred just after these investors had made some huge buying moves. BTC Price Bitcoin has continued to consolidate around the $37,000 level during the past few days as the chart below shows. BTC hasn’t been moving much recently | Source: BTCUSD on TradingView Featured image from NOAA on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":560448,"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":[428,461,16136,89533,1119,1144],"class_list":["post-560422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bearish","tag-bitcoin-selloff","tag-bitcoin-sharks-whales","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Sharks & Whales Do $2.2 Billion Selloff, But BTC Hangs On At $37,000<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin sharks and whales have participated in a selloff of around $2.2 billion during the past week.\" \/>\n<meta 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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 Sharks & Whales Do $2.2 Billion Selloff, But BTC Hangs On At $37,000","url":"http:\/\/ktsl888.com\/news\/bitcoin-sharks-whales-2-2-selloff-btc-37000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-sharks-whales-2-2-selloff-btc-37000\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/11\/noaa-a7T0PQol-6E-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/11\/noaa-a7T0PQol-6E-unsplash.jpg?fit=4321%2C2893"},"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 bearish","bitcoin selloff","bitcoin sharks & whales","btc","btcusd"],"dateCreated":"2023-11-13T20:00:12Z","datePublished":"2023-11-13T20:00:12Z","dateModified":"2024-06-11T07:01:55Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Sharks & Whales Do $2.2 Billion Selloff, But BTC Hangs On At $37,000\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-sharks-whales-2-2-selloff-btc-37000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-sharks-whales-2-2-selloff-btc-37000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/noaa-a7T0PQol-6E-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/noaa-a7T0PQol-6E-unsplash.jpg?fit=4321%2C2893\"},\"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 bearish\",\"bitcoin selloff\",\"bitcoin sharks & whales\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-11-13T20:00:12Z\",\"datePublished\":\"2023-11-13T20:00:12Z\",\"dateModified\":\"2024-06-11T07:01:55Z\"}<\/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\/11\/noaa-a7T0PQol-6E-unsplash.jpg?fit=4321%2C2893","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/560422"}],"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=560422"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/560422\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/560448"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=560422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=560422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=560422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}