Main navigation

Here Is the First Sign of Whales Selling Their Bitcoin Holdings

Wed, 09/22/2021 - 08:46
article image
Arman Shirinyan
Whales might start moving after increased volatility on the Bitcoin market
Here Is the First Sign of Whales Selling Their Bitcoin Holdings
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

According to data provided by OkLink, the number of large transactions rapidly spiked during the recent sell-off, which may be the first indication of appearing selling pressure from large Bitcoin holders. An indicator provided by OkLink tracks the number of transactions greater than 500 BTC.

The rise in the number of transactions has appeared after a significant drop on the weekend, which is a common practice since traders are mostly being active on weekdays. But before facing a weekend transactional activity drop, the indicator showed another spike on Sept. 14, which may be a reflection of large transactions on exchanges that were later realized on the market.

After a 15% sell-off, even more whale-tier transactions have been made but, in addition to that, different on-chain data providers have not shown any increased exchange inflows, which means that even though large wallets are selling their assets, institutional investors are not looking forward to selling their assets.

OkLink Data
Source: OkLink

On-chain indicators that track the transactional activity on the network in general, like Spent Volume Age Bands by Glassnode, old Bitcoin holders have not been redistributing their assets on the market. In addition to that, the distribution of funds and spending rates have been slowing down.

After the Sept. 21-22 sell-off, spending rates have not been spiking up or gradually increasing, which confirms the thesis about "hodl" sentiment among institutional investors.

Dogecoin Could Be Accepted by Movie Theater Giant AMC

At press time, Bitcoin is trading at $42,500 with 4.5% daily growth. On Sept. 21, Bitcoin has reached the price of $39,000 at the moment, but it immediately bounced back above $40,000. Trading volumes still remain relatively low, with market participants preferring to hold rather than spending their assets to buy or sell.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.