On-chain data shows the Bitcoin whale entities have sold approximately $588 million in the cryptocurrency during the past week.
Bitcoin Whales Have Made Large Selling Moves Recently
As pointed out by analyst Ali Martinez in a new on X, the BTC whales have sold around 10,000 BTC over the last seven days. The indicator of relevance here is the “Supply Distribution” from the on-chain analytics firm Santiment, which tells us about the total amount of Bitcoin that a given wallet group currently holds.
The addresses or investors are divided into these cohorts based on the number of tokens that they are carrying in their balance right now. A holder with 5 BTC, for instance, is put inside the 1 to 10 coins group.
In the context of the current topic, the whale cohort is of interest, which typically includes the addresses holding between 1,000 and 10,000 coins. At the current exchange rate, this range converts to $58.8 million at the lower end and $588 million at the upper one.
Clearly, the investors belonging to the group would be among the largest in the market, so the cohort can be considered to have some influence. As such, the behavior of the whales can be worth keeping an eye on.
Now, here is a chart that shows the trend in the Supply Distribution for this Bitcoin group over the past few months:
Looks like the value of the metric has gone down in recent days | Source:
As displayed in the above graph, the Bitcoin supply held by the whales has observed a significant decline recently. More specifically, the investors belonging to the cohort have removed a combined 10,000 BTC from their wallets during this selloff, worth about $588 million right now.
From the chart, it’s visible that the sharpest selling came during the crash that BTC saw earlier, but these whales have also offloaded significant amounts in the recovery rally that has occurred over the last few days.
So far, the Supply Distribution of the cohort has shown no signs of a reversal, so it’s possible that the whales are still in net selling mode. Naturally, this could slow down the asset’s recovery efforts.
Nothing is set in stone, though, so the indicator could be used to monitor the coming days to see which direction these humongous investors really take. A net accumulation spree would suggest a renewal of confidence among the large hands and could pave the way for a further rise in the Bitcoin price.
In some other news, BTC has been forming a symmetrical triangle pattern recently and is closing in on its apex, as the analyst has explained in another X .
The pattern that BTC has been forming in its 1-day price recently | Source:
“Bitcoin is showing a symmetrical triangle on the lower time frames,” notes Martinez. “A sustained close outside the $59,000 – $59,530 range could trigger a 4.80% move for BTC.”
BTC Price
Bitcoin has struggled to put together bullish momentum in the last couple of days as its price has slumped to $58,800.
The price of the asset appears to have been stagnant during the last few days | Source:
Featured image from Dall-E, Santiment.net, charts from TradingView.com
Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.
Read more
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’s 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’t 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’t 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.
Close
Disclaimer: The information found on NewsBTC is for educational purposes
only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any
investments and naturally investing carries risks. You are advised to conduct your own
research before making any investment decisions. Use information provided on this website
entirely at your own risk.
