Cryptocurrency

Bitcoin

Elon Musk

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 <p class="paragraph">Amid the ongoing cryptocurrency rally and the surge in prices of digital assets, it might be surprising to see that some investors are selling their Bitcoins (BTC).&nbsp;</p>
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 <p class="paragraph">Over the past week, large Bitcoin holders, often called whales, have offloaded approximately 50,000 BTC, equivalent to about $2.20 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> in value, per the post on X from crypto analyst Ali Martinez on December 22.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="469" src="https://cdn.thebittimes.com/images/2023/12/22/8b467bd13d51b1cad891e77799ca8e9e.webp" alt="Bitcoin whales offloaded nearly 50,000 BTC in the previous week.  Source: Ali Martinez
" class="wp-image-144847" srcset="https://cdn.thebittimes.com/images/2023/12/22/8b467bd13d51b1cad891e77799ca8e9e.webp 1024w, https://cdn.thebittimes.com/images/2023/12/22/8b467bd13d51b1cad891e77799ca8e9e.webp 300w, https://cdn.thebittimes.com/images/2023/12/22/8b467bd13d51b1cad891e77799ca8e9e.webp 768w, https://cdn.thebittimes.com/images/2023/12/22/8b467bd13d51b1cad891e77799ca8e9e.webp 1536w, https://cdn.thebittimes.com/images/2023/12/22/8b467bd13d51b1cad891e77799ca8e9e.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Bitcoin whales offloaded nearly 50,000 BTC in the previous week. Source: Ali Martinez
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 <p class="paragraph">The move may raise concerns among investors that Bitcoin’s rally is over. However, the actual reasons are unlikely to be bearish in nature.</p>
 <h2 class="wp-block-heading" id="h-profit-taking-behind-the-sudden-selloff">Profit taking behind the sudden selloff</h2>
 <p class="paragraph">A potential rationale behind this abrupt divestment could be profit-taking, considering Bitcoin’s significant bullish trend in recent weeks.</p>
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 <p class="paragraph">The cryptocurrency’s price surge has garnered attention from institutional and retail investors, prompting certain long-term holders to capitalize on the chance to secure substantial profits. Nevertheless, the exact motivations behind these whale transactions remain speculative.</p>
 <p class="paragraph">This claim is supported by BTC’s proportion of profitable supply, which currently stands at 89%, indicating an exemplary signal as we approach the end of the year. Typically, a more favorable range for potential further increases is observed when this metric falls within the 40-70% range, as per a post from <em>Santiment</em> on December 21.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="684" src="https://cdn.thebittimes.com/images/2023/12/22/57afb7dc311aca6e478e7856ab4e14c8.webp" alt="BTC proportion of profitable supply chart. Source: Santiment" class="wp-image-144851" srcset="https://cdn.thebittimes.com/images/2023/12/22/57afb7dc311aca6e478e7856ab4e14c8.webp 1024w, https://cdn.thebittimes.com/images/2023/12/22/57afb7dc311aca6e478e7856ab4e14c8.webp 300w, https://cdn.thebittimes.com/images/2023/12/22/57afb7dc311aca6e478e7856ab4e14c8.webp 768w, https://cdn.thebittimes.com/images/2023/12/22/57afb7dc311aca6e478e7856ab4e14c8.webp 1536w, https://cdn.thebittimes.com/images/2023/12/22/57afb7dc311aca6e478e7856ab4e14c8.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
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   BTC proportion of profitable supply chart. Source: Santiment
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 <h2 class="wp-block-heading" id="bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">As of the latest update, BTC is priced at $43,517, reflecting a 0.62% decline in the past 24 hours. This contrasts with the positive gains of 3.07% on the 7-day chart and 18.79% on the 30-day chart.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/12/22/29a6a4c7957a55dcfd9f167e7d3c2253.webp" alt="BTC 7-day price chart. Source: Finbold
" class="wp-image-144853" srcset="https://cdn.thebittimes.com/images/2023/12/22/29a6a4c7957a55dcfd9f167e7d3c2253.webp 1024w, https://cdn.thebittimes.com/images/2023/12/22/29a6a4c7957a55dcfd9f167e7d3c2253.webp 300w, https://cdn.thebittimes.com/images/2023/12/22/29a6a4c7957a55dcfd9f167e7d3c2253.webp 768w, https://cdn.thebittimes.com/images/2023/12/22/29a6a4c7957a55dcfd9f167e7d3c2253.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
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   BTC 7-day price chart. Source: Finbold
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 <p class="paragraph">Over the past year, the asset’s price has exhibited significant growth, registering a remarkable increase of 159%. Notably, it has outperformed 72% of the top 100 cryptocurrencies within one year.</p>
 <p class="paragraph">Additionally, the asset is trading above its 200-day simple moving average, a positive indicator in technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>. In the last 30 days, the investment has experienced 18 days of positive price movement, constituting 60% of the observed period.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/whales-sell-over-2-billion-bitcoin-in-a-week-is-a-crash-incoming-tbt74535.html">https://thebittimes.com/whales-sell-over-2-billion-bitcoin-in-a-week-is-a-crash-incoming-tbt74535.html</a></p>

Whales sell over $2 billion Bitcoin in a week; Is a crash incoming?

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