Data shows major Bitcoin (BTC) holders are increasingly capitalizing on BTC’s recent gains, taking profit amid a new all-time high record.
Yesterday, Bitcoin established a new record, soaring 8.41% from a low of $67,194 to a new historic peak at $72,850. However, since attaining the new threshold, Bitcoin has continued to range around $71k, with no significant upward or downward movements.
Prominent market watcher Ali Martinez has provided insights into why Bitcoin’s bullish trajectory may be stalling. Citing data from analytic firm Glassnode, Martinez pointed out a notable trend among influential Bitcoin investors.
Bitcoin Whales Cashing Out
The analyst stated that wallets holding 1,000 BTC and above have increasingly profited from their Bitcoin positions as the asset surged.
Martinez added that this distribution frenzy has resulted in a notable 4.83% drop in this category of Bitcoin whales since this month.
Recent data reveals a notable trend among #Bitcoin whales. Those holding over 1,000 $BTC are increasingly cashing out, resulting in a 4.83% drop in such #BTC addresses over the last two weeks. pic.twitter.com/IL7OQAGSwE
— Ali (@ali_charts) March 12, 2024
The accompanying chart provided further insights into the Bitcoin whales’ selling pattern. Notably, there is a pronounced uptick in the count of addresses with over 1,000 BTC since late January, mirroring the Bitcoin price surge.
This was the period Bitcoin set out to reclaim its 2021 highs, with the number of these Bitcoin wallets exceeding 2,100. However, these whales cashed out by late February, when Bitcoin notably surged from around $51k into the $60k range.
The Glassnode chart shows a steep decline, with the number of addresses holding over 1K BTC falling below 2,100. While this selling pressure impacted Bitcoin, the asset showed resilience and continued its uptrend.
Yet, in the last two weeks, these Bitcoin whales have sold even more BTC, with a steeper decline in their number observed between March 10 and 11. Essentially, these bearish influential investors have likely slowed Bitcoin’s price surge into loftier territories.
Meanwhile, industry pundits like Ki Young Ju of data analyst firm CryptoQuant have argued that the Bitcoin bears cannot have the upper hand in the current market condition. In particular, Young Ju asserted that so long as Bitcoin ETFs continue to witness significant inflow, “Bears can’t win this game.”
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.
-Advertisement-
