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Bitcoin Holds Above $60,000 Despite Whales Selling Heavily: Report

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Fri, 11/05/2021 - 12:05
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Yuri Molchan
Head of CryptoQuant says that Bitcoin whales are largely selling now, but the king crypto is managing to stay above $60,000
Bitcoin Holds Above $60,000 Despite Whales Selling Heavily: Report
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Ki Young Ju, chief executive of CryptoQuant, has tweeted that the largest Bitcoin deposits to exchanges at the moment are being made by crypto whales who are sending BTC to sell.

Whales moving a lot of BTC to exchanges to sell

He has tweeted that the majority of incoming transactions to crypto exchanges are being made by large Bitcoin holders, aka whales. The top 10 deposit transfers have brought 90% of the overall volume in one hour.

However, Bitcoin manages to hold above the $60,000 level.

Meanwhile, Bitcoin is not remaining for a long time on exchanges; it is being withdrawn by investors to cold wallets for long-term storage. And by now, it has reached a three-year low of 2,449,773.473 BTC.

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That is approximately 13% of the whole Bitcoin supply that is currently in circulation.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. β€˜Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.