Santiment data shows whales and sharks sold over 57,000 BTC in a week, signaling profit-taking and increased selling pressure on Bitcoin.
Bitcoin has experienced a consistent decline, with recent data showing a notable downtrend in price and a reduction in holdings by key stakeholders.
Notably, Bitcoin’s 30-day performance stands at negative 14.7%. The 7-day and 24-hour performances also show dips of 7.3% and 1.6%, respectively, suggesting continued bearish momentum.
This decline aligns with a decrease in shareholder activity, particularly among whales and sharks, as recent Santiment data shows.
Large Holders Reduce Bitcoin Holdings
The analysis highlights significant Bitcoin sell-offs among two major wallet categories: whales and sharks. Whales, holding between 100 and 1,000 BTC, collectively sold 50,625 BTC in the past week.
This amount equates to roughly $4.07 billion at current market prices. As of March 13, these holders accounted for approximately 22.95% of Bitcoin’s total supply.
Shark wallets, which hold between 10 and 100 BTC, also showed a decrease in Bitcoin holdings. Over the same period, this group sold 7,062 BTC, translating to about $567.1 million. Presently, sharks hold around 21.77% of the Bitcoin supply.
Notably, this massive sale of over $4.56 billion in Bitcoin by whales and sharks coincided with the asset’s consistent dip this month. This week, Bitcoin touched $76K amid these sell-offs.
According to Santiment, over the longer term, markets typically fluctuate with a mid-sized positive alignment with these wallet tiers. Essentially, the behavior of these large Bitcoin holders tends to have a moderate, positive impact on Bitcoin’s market movements.
Bitcoin Network Activity Declines
Adding to the bearish narrative, data from IntoTheBlock provides further insights into Bitcoin’s network activity. It highlighted a decline in transaction volumes and user engagement. The 7-day Network Activity Change dropped by 3.58%, indicating lower transaction levels.
Additionally, the 7-day Active Addresses Change decreased by 6.68%, signaling reduced user participation. Meanwhile, the 7-day Zero-Balance Addresses Change fell by 4.02%, suggesting an increase in emptied wallets.
Furthermore, IntoTheBlock’s Ownership Chart shows shifts in large holder netflows, a key indicator of whale and institutional activity. Over the past seven days, large holder netflows spiked by 1,213.40%, suggesting temporary whale accumulation or redistribution.
However, the 30-day netflow dropped by 3,814.02%, indicating a continued exit by large holders. The 90-day netflow recorded a 1,172.76% decline, confirming an extended period of Bitcoin outflows from whale wallets.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
