Bitcoin whales are turning their backs on the flagship cryptocurrency and dissolving their crypto reserves to cut their losses short. As per the latest media reports, a non-commercial Bitcoin whale has recently sold off a large portion of its cryptocurrency reserve. The data has been confirmed and verified by BitInfoCharts analysis.
The whale, which is considered the largest private Bitcoin holding wallet address in the world, sold out around 78,484 BTC tokens at the start of the ongoing week. While the price of the top coin was set at $23K, the sell amount of the massive Bitcoin banquet fetched around $1.825 billion in revenues for the whale. The whale still has a reminder of 54,398 Bitcoins in its wallet.
It is interesting to note that the Bitcoin whales are selling massive amounts of Bitcoins during a time when the Bitcoin accumulation rate is at an all-time high in the main market. The whale investors in question also decided to sell the accumulated Bitcoin tokens when their collective accumulation reached 132k BTC coins. Despite the massive Bitcoin selloff, the whale address remains the 13th richest Bitcoin holder in the world.
On the other hand, Santiment analytics reveal that Bitcoin activity has persistently increased in the market since Monday. The firm also noted that the trading volume of the Bitcoin market reached over $1 million, which is the highest recorded top in the last 30 days. It seems that Bitcoin whales are making big changes, and it has resulted in shifting the market dynamics with a visible impact on the price point of the flagship cryptocurrency.
The Behavior of Bitcoin Whales
According to the data metrics, Bitcoin whales have been accumulating the top coin up until last week in large quantities. As a result, the supply of Bitcoin in the main markets dropped while demand increased and resulting in price recovery for the flagship cryptocurrency.
For the current week, it seems that whales are opting out of their BTC positions rapidly while saving a conservative amount of Bitcoin in their reserves.
The statistics from the Santiment report also suggest that up until last week, cryptocurrency traders hailing from the retail sector showed a particular enthusiasm towards Bitcoin.
To this end, the number of Bitcoin digital wallet addresses with more than 10 BTC units increased more than its last highest level in February 2021. During the last seven days, Bitcoin prices have increased by 15%, while in the last 24 hours, the price was appreciated by 1.3% despite the massive whale sell-offs.