Bitcoin Whales Take Profit After Latest Price Jump — Here’s How Much They Sold
September 22 2024 - 6:00AM
NEWSBTC
The latest on-chain data shows that a particular class of Bitcoin
investors has been selling for profit in the wake of the recent
price rally. The question here is — how much did they sell and how
much impact could it have on the Bitcoin price trajectory? Bitcoin
Whales Dump 30,000 BTC In Four Days — Impact On Price? In a new
post on the X platform, prominent crypto pundit Ali Martinez
revealed that Bitcoin whales have been increasingly active in the
market in the days following BTC’s return to above $63,000. This
on-chain observation is based on the drop in the total holdings of
whales with balances between 1,000 and 10,000 BTC. Related Reading:
Crypto Whales Buy $228 Million In XRP Following $5 Price Prediction
According to data from Santiment, this cohort of Bitcoin whales has
offloaded more than 30,000 BTC (worth around $1.86 billion) in the
past 96 hours. Interestingly, this level of whale activity came
after the premier cryptocurrency witnessed a price upswing
triggered by the interest rate cut by the US Federal Reserve.
Whales — which typically refer to individuals or entities holding
significant amounts of a particular cryptocurrency — are perceived
to hold considerable influence over the market due to the size of
their holdings. Hence, their buying or selling activities can
precipitate abrupt price swings in the short term. The Bitcoin
market has been under a considerable amount of bearish pressure so
far in September, falling to as low as $53,000 at some point. The
Fed rate cut seemed like the perfect catalyst to turn things around
and spark a fresh bullish momentum. However, profit-taking observed
amongst the large investors could stall this recovery. When whales
sell off their assets, it often causes other investors to tread the
market with caution, as they wonder what the large holders know.
This can lead to heightened selling pressure or a momentary price
pullback. BTC Price At A Glance Nevertheless, it is
worth mentioning that the Bitcoin price has made significant
movement in the past few days. As of this writing, the flagship
cryptocurrency is valued at $63,131, reflecting a mere 0.1% decline
in the past day. According to data from CoinGecko, the value of BTC
has increased by more than 5% in the past week. The market leader
seems to be performing even better on broader timeframes. Related
Reading: Over 150,000 ETH Moved To Exchanges In The Last 24 Hours:
What’s Next For Ethereum? For instance, the Bitcoin price
performance this month has been nothing short of surprising, as
September is historically a bearish period for the premier
cryptocurrency. BTC is up by more than 6.8% this month, its
highest-ever average return in September. Featured image created
with Dall.E, chart from TradingView
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