Flow

bullish

Bitcoin

Impact

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>The number of Bitcoin addresses holding 1k-10k BTC has decreased over the past three months.</li> 
 <li>Despite this, market indicators suggest a continued rise in Bitcoin’s price.</li> 
</ul>  
<p>Over the past week, <a href="https://coineagle.com/price/bitcoin/">Bitcoin (BTC)</a> bulls have maintained their market dominance. However, as BTC’s price increased, large-scale holders, or “whales,” decided to significantly reduce their holdings.</p> 
<h2 id="bitcoin-whales-sell-off">Bitcoin Whales Sell Off</h2> 
<p>According to CoinMarketCap, BTC’s price has risen by more than 6% over the past week, including a 4% increase in the last 24 hours alone. At the time of writing, BTC was trading at $61,298.02, with a market capitalization exceeding $1.2 trillion.</p> 
<p>Despite the price increase, large-scale investors in the cryptocurrency market have been selling their BTC holdings. Data analysis from Santiment revealed a significant decrease in the number of BTC addresses holding 1k-10k BTC in the last three months.</p> 
<p>A prominent crypto analyst, Ali, recently tweeted that some of the biggest Bitcoin whales have sold over 10,000 BTC in the past week, valued at approximately $600 million. This suggests that these whales may lack confidence in Bitcoin and anticipate a price drop in the near future.</p> 
<h2 id="impact-on-btc-s-price">Impact on BTC’s Price</h2> 
<p>Despite the selling activity of whales, the overall market sentiment remains bullish. The exchange reserve for Bitcoin has reached its lowest level since 2018, indicating a rising buying pressure.</p> 
<p>Analysis of CryptoQuant’s data reveals several bullish metrics. For instance, BTC’s aSORP is green, suggesting that more investors are selling at a loss. This could indicate a market bottom during a bear market.</p> 
<p>Also, the Binary CDD shows that the movement of long-term holders in the last seven days was below average. Both of these indicators suggest a possible continuation of BTC’s upward price movement.</p> 
<p>Additionally, data from Glassnode shows a drop in BTC’s NVT ratio. Typically, a decrease in this metric suggests that an asset is undervalued, hinting at a potential price increase.</p> 
<p>Upon examining Bitcoin’s daily chart, the Relative Strength Index (RSI) shows upward momentum. Similarly, the Money Flow Index (MFI) indicates a potential price increase. However, the Chaikin Money Flow (CMF) has slightly decreased, suggesting a bearish trend.</p>

Bitcoin’s Surge Triggers Whale Selloff: What Does This Mean?

Table of Contents

CoinEagle.com

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