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On-chain market activity on the Bitcoin (BTC) network shows that whales have sold the coin massively in the last seven days. These large holders have offloaded 25,740 BTC onto the Bitcoin market. This is according to an update from crypto analytics platform IntoTheBlock.
Whales cash out as retail investors step in
Notably, these whales, which held between 10,000 BTC and 100,000 BTC, were behind the spike in Bitcoin sales over the past week.
This suggests that Bitcoin whales took advantage of the recent price movement to sell off part of their holdings. Their action probably contributed to the ongoing market dip, with some whales waking up after three years to offload their stash on the Binance exchange.
Yuri MolchanInterestingly, despite the huge sell-off by some Bitcoin whales, on-chain data indicates that the number of addresses accumulating Bitcoin is larger than those selling.
Analysts suggest that the data implies retail investors see this as an advantage to purchase BTC at lower prices. These include those who may likely sell when market value rises in a bid to make a profit.
Additionally, it reveals that market participants are still bullish on the world’s leading digital currency, not minding the current price volatility.
Bitcoin’s Price Remains Volatile, But Sentiment Holds
As of this writing, Bitcoin price was changing hands at $88,365.61, a 0.73% decline in the last 24 hours. BTC had traded lower in earlier market movements, hitting a low of $86,008.23. The fluctuation has made the Bitcoin market largely volatile.
Gamza KhanzadaevThe Bitcoin market activity aligns with insights shared by Ki Young Ju, CryptoQuant CEO on the asset's price movement. According to Young Ju, despite the prevailing price drop, Bitcoin remains in a bullish cycle.
He believes that even if the value of BTC drops to $77,000, it would not necessarily mean that the coin has slipped into the bearish market. Rather, he noted that Bitcoin is still experiencing price correction.
Dan Burgin
Vladislav Sopov