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Bitcoin whales have sold more than 140,000 bitcoins at peak prices

Recent data show that large-scale bitcoin investors have sold at least 140,000 units of bitcoins this month. According to experts, this action has accelerated the downward trend of bitcoins.

to the the report Cryptopotito, the whales, after several weeks of accumulating significant amounts of bitcoin, seem to have reversed this trend by selling a portion of their assets over the past few days. Interestingly, this process coincided with a massive market crash, raising the question of whether whales are responsible for lowering the price of bitcoin.

If we go back only one week, Bitcoin was moving towards new records and recently reached a peak of 58,400. But this trend is now reversed. The digital currency has lost more than 20 percent of its value in recent days and has not yet begun to recover.

This event came as a bit of a surprise to some. As institutional investors withdrew more than $ 650 million in bitcoins from CoinBase, Square bought another $ 170 million in bitcoin and MicroStrategy invested another $ 1 billion in the digital currency; As a result, it can be said that the general sentiment in the market seemed relatively upward.

While the digital currency community is speculating about the possible reasons behind the price fluctuations, data from Glassnode Market Information suggests a possible role for bitcoin whales.

Addresses with 1,000 or more bitcoins in the last 11 months (March 2020 to February 2021) were on the rise, the analyst firm said. The company referred to this period as the “Bitcoin whale breeding season” as the wallets grew by more than 14 percent.

During the same period, the price of Bitcoin fell from its lowest level in mid-March 2020, which was $ 4,000, to nearly $ 60,000. But the whales appear to have been reaping the benefits last week because, as the chart below shows, their assets have shrunk dramatically.

The resources of the group called “humpback whales” (containing 1,000 to 10,000 bitcoins) decreased by about 140,000 units of bitcoins in February. This is a significant amount of more than US $ 6.5 billion.

Glasnod also mentioned the role of the Bitcoin Trading Fund (ETF), which was recently launched in Canada. The fund, owned by Purpose, is the first tradable fund in North America to track bitcoin performance.

The early weeks of the product were so optimistic that $ 400 million was raised in just a few days. Recent data show that these assets have grown to more than 10,000 bitcoins (approximately $ 500 million).

This is the first Bitcoin exchange traded to be approved by regulators in the vast North American region. This fund can have a tremendous impact on the acceptance of bitcoins in the long run and consequently on the price of this digital currency.


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