MassiveSell-off by Bitcoin Whales: Over 115,000 BTC Sold in Largest Sale Since Last Year
In the past month, a significant shift has been observed in the Bitcoin market. According to Nick Ruck, director at LVRG Research, major holders, often referred to as whales, have sold around 115,000 BTC (worth approximately $12.7 billion at current market prices). This marks the largest whale sell-off since July 2022.
This selling pressure has kept the Bitcoin price below $108,000. CryptoQuant, a cryptocurrency analytics platform, defines whales as holders with balances between 1,000 and 10,000 BTC. Their movements often have outsized effects on the market.
Despite this sell-off, institutional entities have been accumulating Bitcoin during the same period. This institutional buying has provided some counterbalance to the whale selling, as many institutions added more Bitcoin, providing a structural counterbalance to the market.
Bitcoin closed August 6.5% lower from its opening price, ending a four-month streak of gains. This marks Bitcoin's worst monthly close since the "Liberation Day" FUD. The one-year moving average for Bitcoin is currently at $94,000, up from $52,000 a year ago. Analyst "Dave the wave" projects this average will exceed $100,000 next month.
From a technical perspective, Bitcoin's support remains somewhat fragile. Bitcoin has been trading in a tight range between $110,000 and $111,000 over the past three days. CryptoQuant analyst "caueconomy" noted that whale reserves have fallen by more than 100,000 Bitcoin in the last 30 days.
The weekly balance change has dropped to around 38,000 BTC as of September 6. This is a significant decrease from the large sell-off in the past month. Bitcoin entrepreneur David Bailey suggested that prices could surge to $150,000 if two key whales stop selling.
It's important to note that there was no sustained follow-through in price action after Bitcoin reached fresh all-time highs around $123,000 in July and challenged that level again in August. Bitcoin price has remained below $108,000 due to this selling pressure.
As always, the Bitcoin market remains volatile and subject to various factors. Keep an eye on these developments as they continue to unfold.
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