Bitcoin Whales Are Cashing Out Amid Push To New All-Time High
14 March 2024 - 1:30AM
NEWSBTC
As the Bitcoin price continues on an upward trajectory that has
sent it toward new all-time highs, breaking above $73,000 this
week. With this increase, the vast majority of BTC holders are
currently seeing a profit, and large whales are taking advantage of
this to cash out some profit. Large Bitcoin Whales Sell-Off Coins
Crypto analyst Ali Martinez took to X (formerly Twitter) to share a
chart that showed that large Bitcoin whales were selling off some
of their coins. These large whales are those that hold at least
1,000 BTC in their wallet, which means on the lower end, these
whales are holding at least $73 million worth of Bitcoin on their
balances. Related Reading: Cardano Price About To Explode: Crypto
Pundit Reveals Next Target As the chart shows, there has been a
decline in the total number of BTC held by these large wallets and
this signifies that they have been selling their coins. After the
price first ran toward its 2021 all-time high of $69,000, these
whales began reducing their allocation. The selling began in the
month of February and has continued on into the month of March.
Over this time, their total balances have reduced, leading to a
decrease in the number of wallets that hold more than 1,000 BTC. As
of February, there were around 2,150 wallets holding more than
1,000 BTC. However, in March, this figure has dropped toward 2,040
as the whales shave off their balances to secure some profit during
the rally. Impact Of Whale Selling On BTC Price Given the size of
these wallets, a decision to sell from them can have a notable
impact on the BTC price. This is because they are able to dump a
large amount of supply on the market in a short time and if there
is not enough demand to soak it up, then it leads to a crash in the
price. Related Reading: Shiba Inu Whales Are Accumulating SHIB, Do
They Know Something You Don’t? The whale selling could be behind
the flash dips that have plagued Bitcoin as it has surged to new
all-time highs. One example of this was on Tuesday, March 12, when
the price of Bitcoin touched $73,000. What followed was a flash
crash that sent the price toward $68,000 before it recovered. So,
while the whales dumping their holdings could have an adverse
effect on the price, the performance of BTC in response to this
flash crash shows that there is enough demand to meet this supply.
In the case of Tuesday, the price would recover quickly to reach a
new all-time high of $73,600. At this time of this writing, the BTC
price is still maintaining its hold on $73,000 with a 7-day
increase of 10.49%. BTC bulls reclaim control | Source: BTCUSD on
Tradingview.com Featured image from Techeconomy, chart from
Tradingview.com
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