Large Bitcoin Investors Embark on Massive BTC Sales Amid Price Increase.
As Bitcoin prices continue to soar, whale investors have been offloading their BTC holdings to record slight profit.
According to Ali Martinez, a famous crypto analyst who provides market analysis for top cryptocurrencies on Twitter, Bitcoin whales have been selling the digital currency since last week.
Citing Glassnode data, Martinez noted that 16 Bitcoin whales with at least a balance of 1,000 BTC or more had sold or redistributed their BTC holdings in the last seven days.
“Over the past week, roughly 16 addresses with a balance of 1,000 $BTC or more have sold or distributed their BTC holdings,” Martinez said.
#Bitcoin | Over the past week, roughly 16 addresses with a balance of 1,000 $BTC or more have sold or distributed their #BTC holdings. pic.twitter.com/l6owW8S5CE
— Ali Martinez (@ali_charts) July 18, 2022
Bitcoin Up 6% in Seven Days
The development comes as the price of Bitcoin continues to surge over the past few days. The world’s largest cryptocurrency, which saw its value dip below $18,000 last month, rallied back to $20,000 at the end of last week.
Bitcoin is up 6% in the last seven days, as it currently trades slightly above $22,000. While the value of BTC in the last seven days has been nothing compared to what other altcoins like Polygon (MATIC) recorded, Bitcoin whale investors are not sleeping on the slight price increase of the top asset class.
Whale investors have continued to take profit as Bitcoin rallies because many still believe the asset class is yet to find a bottom in the current bear market.
Analysts like Peter Brandt predicted Bitcoin’s bottom to be around $12,700 levels. So far, the digital currency is yet to dip below the $17,700 recorded last month.
Bitcoin Whales Take Advantage of Bitcoin Rally
Interestingly, whales are not prepared to see Bitcoin dip to $12,700, as they continue to take profit whenever the opportunity arises.
Meanwhile, the number of Bitcoin sent to popular cryptocurrency exchanges has also been on the increase lately. This suggests widespread interest among investors in selling the asset class.
Martinez, who also cited Glassnode data, noted that a total of 32,000 Bitcoin worth around $706.75 million at press time have been sent to crypto exchanges in the last four days.
“Nearly 32,000 $BTC, worth roughly $672 million, has been sent to known crypto exchange wallets over the past four days,” Martinez tweeted.
#Bitcoin | Nearly 32,000 $BTC, worth roughly $672 million, have been sent to known #crypto exchange wallets over the past four days. pic.twitter.com/lXcKetuRLK
— Ali Martinez (@ali_charts) July 18, 2022
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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