Bitcoin Whales Sell 147,000 BTC Since August, Fastest Selloff Of Cycle

On-chain data shows the Bitcoin whales are selling at their fastest monthly rate of the cycle, a potential reason behind the asset’s latest ￰0￱ Whale Holdings Have Significantly Dropped Over The Past Month In a new post on X, CryptoQuant Head of Research Julio Moreno has listed a contributing factor behind the recent plunge in the Bitcoin ￰1￱ factor in question is the trend in the holdings of the ￰2￱ are defined as BTC investors carrying more than 1,000 tokens of the cryptocurrency in their wallet ￰3￱ the current exchange rate, this cutoff converts to about $112.8 million. Thus, the only holders qualifying for the group would be those with a substantial amount of ￰4￱ Reading: Bitcoin Dip-Buy Calls Spike: Why This Could Actually Be Bearish Exchanges and mining pool wallets may technically fulfill this requirement, but they are excluded from the group because they aren’t considered “normal” network ￰5￱ that the whales include some of the most influential investors in the market, their behavior can be something to keep an eye on, as it may sometimes have a direct impact on the asset’s ￰6￱ when it doesn’t, it can still be revealing about the sentiment among these humongous ￰7￱ way to gauge whale behavior is through their total ￰8￱ is the chart shared by Moreno that shows how this metric has changed over the past ￰9￱ displayed in the graph, the Bitcoin whale supply saw a huge drawdown last month, indicating that the large holders participated in some significant net ￰10￱ metric made some slight recovery as BTC’s spot price surged above $117,000, but the trend has quickly flipped during the last few days as the indicator has registered another sharp ￰11￱ Reading: Here’s The Boundary Bitcoin Bulls Must Defend To Save Rally Since August 21st, whales have sold a net total of 147,000 BTC, worth a whopping $16.6 ￰12￱ selloff has taken the 30-day change in the cohort’s supply to the largest negative value of the cycle so ￰13￱ the timing of the selling, it’s possible that this is one of the reasons why Bitcoin has faced bearish price action ￰14￱ market selloff may not be over yet, either, if the trend in the Exchange Inflow is anything to go ￰15￱ the CryptoQuant head has pointed out in another X post, the Bitcoin Exchange Inflow witnessed a surge on ￰16￱ generally deposit their coins in centralized exchanges when they want to participate in one of the services that they provide, which can include ￰17￱ such, the growth in the Exchange Inflow could be a sign that holders are still trading away their ￰18￱ Price Bitcoin slipped under $112,000 on Tuesday, but the coin has seen a slight bounce since then as its price has climbed to $113,000.

Featured image from Dall-E, CryptoQuant. com, chart from ￰19￱