Advertisement
AD

Main navigation

100,000 BTC Sold or Redistributed by Whales in Past Two Days: Report

Advertisement
Thu, 24/11/2022 - 13:35
100,000 BTC Sold or Redistributed by Whales in Past Two Days: Report
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News
Contents
Advertisement

Analyst Ali Martinez has taken to Twitter to share some of the latest data on the amount of Bitcoin shoveled by mid- and large-sized whales.

Besides, he tweeted that Bitcoin miners keep capitulating. Martinez's reports here are based on data provided by Santiment and IntoTheBlock.

Bitcoin whales redistributing/selling 100K BTC

The analyst shared that over the past 48 hours, whales whose wallets contain from 1,000 to 10,000 Bitcoins, have moved — that is, sold or redistributed — a staggering 100,000 BTC. This amount of crypto is evaluated at $1,656,100,000.

Bitcoin, the flagship cryptocurrency, has been plunging over the past two weeks, following the collapse of FTX exchange and its co-founder and CEO Sam Bankman-Fried, who tried to bail out affiliate trading company Alameda Research using the funds of FTX customers as collateral.

He then filed for bankruptcy on behalf of the company, the exchange and himself. This struck a painful blow against Bitcoin and the whole crypto space. BTC plunged from the $20,000 level where it had been building up for a further recovery, hitting lows in the $15,800 area several times.

At press time, Bitcoin is changing hands at $16,551. Besides, the FTX insolvency has dented the situation with crypto exchanges, which had already been suffering from lack of trust, but now users have started withdrawing their funds from CEXes and DEXes en masse.

In another tweet, Ali shared a Bitcoin chart, showing that BTC has hit a "sustainable supply wall" between the levels of $16,600 and $17,060. A massive 800,000 Bitcoins were previously bought by roughly 950,000 wallets at these levels.

Now, Bitcoin needs to overcome this resistance barrier in order to reach higher price levels, the analyst believes.

Related
SEC Sued By Crypto-Focused Law Firm, Nouriel Roubini Tweets Sarcastic Comment

Bitcoin miners keep dumping BTC

Miners continue a hard sell-off of their Bitcoin, according to another tweet ин Ali. Bitcoin miner reserves, according to a chart he shared, have hit a nearly-one-year low of 1,853,425 BTC.

Earlier this week, U.Today reported that a "Bitcoin miner bloodbath" kicked off as miners started the most aggressive BTC sell-off in the past seven years.

Unless the Bitcoin price goes higher soon, a lot of miners will be forced out of business, founder of Capriole Investments Charles Edwards claims.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD