Bitcoin Whales Sell 147,000 BTC Since August, Fastest Selloff of Cycle
Recent on-chain data indicates that Bitcoin whales are selling at the fastest monthly rate of the current cycle, contributing to Bitcoin's recent price decline.
Key Points
- Bitcoin whale holdings have significantly decreased over the past month.
- Whales are defined as investors with over 1,000 BTC in their wallets, equating to approximately $112.8 million.
- Exchanges and mining pools are excluded from this group.
- The behavior of these influential investors can impact Bitcoin's price trajectory.
- Bitcoin whale supply experienced a significant reduction last month, indicating substantial net distribution by large holders.
- Since August 21st, whales have sold a net total of 147,000 BTC, valued at $16.6 billion, marking the largest negative change of the cycle.
- This selling activity is likely a factor in Bitcoin's recent bearish price action.
- A surge in Bitcoin Exchange Inflow suggests ongoing trading activity by holders.
BTC Price
- Bitcoin briefly fell below $112,000 but has rebounded slightly to $113,000.
