On-chain data shows that bitcoin whales have sold $2.2 billion worth of btc in the past week, but the price has remained strong so far.
bitcoin whales have distributed around 50,000 btc in the last week
As one analyst noted in a mail On X, btc whales have been engaging in some selling over the past week. The relevant indicator here is the “Supply Distribution” metric from on-chain analytics firm Santiment, which tells us about the total amount of bitcoin that different groups of investors are currently carrying in their combined wallets.
In the context of the current debate, “whale” entities are of interest. These huge investors are usually defined as addresses holding between 1,000 and 10,000 btc.
At the asset's current exchange rate, this range becomes approximately $43.8 million on the low end and $438 million on the high end. Due to the large scale of their holdings, whales may have some influence and therefore may be entities worth tracking on the blockchain.
Now, here is a chart showing the trend in the distribution of bitcoin supply specifically for these large holders over the last month:
<img decoding="async" class="alignnone aligncenter" src="https://technicalterrence.com/wp-content/uploads/2023/12/Bitcoin-whales-sell-for-22-billion-but-BTC-remains-strong.jpeg" alt="bitcoin Whale Supply” width=”2842″ height=”1302″ loading=”lazy”/>
The value of the indicator appears to have plunged in recent days | Source: @ali_charts on X
As shown in the chart above, bitcoin whale supply has shown a decline in the last week, after remaining stagnant for the previous weeks.
Most of the selling occurred while btc was still trading at recent lows, suggesting that these were whales that had panicked after btc failed in its recovery run towards $44,000.
In total, these huge investors have dumped around 50,000 btc from their combined portfolios during this latest sell-off, which is currently worth almost $2.2 billion.
Despite this selling, bitcoin has hit another local bottom and made recovery momentum again, this time making a retest of the $44,000 level (although the asset has since fallen again, as it now trades below of the brand once again). .
Another analyst has also given a whale sell alert on a CryptoQuant Quicktake btc-is-topping-out-at-44k” target=”_blank” rel=”nofollow”>mailciting data from the “average currency inflow,” which is an indicator that measures the average amount of bitcoin that is transferred to centralized exchanges.
Looks like the value of the metric has been quite high recently | Source: btc-is-topping-out-at-44k" target="_blank" rel="nofollow">CryptoQuant
Forex inflows can be a sell signal as investors generally use these platforms for this purpose. The increase in the average value of these deposit transactions naturally implies that large entities such as whales are involved and potentially participating in a liquidation.
It is clear from the chart that this metric has seen a couple of spikes in the last two days, suggesting that the whales are still moving towards selling.
btc Price
At the time of writing, bitcoin is trading around $43,500, up 3% over the past week.
<img loading="lazy" decoding="async" class="alignnone size-medium aligncenter" src="https://technicalterrence.com/wp-content/uploads/2023/12/Bitcoin-whales-sell-for-22-billion-but-BTC-remains-strong" alt="bitcoin price chart” width=”1534″ height=”870″/>
The price of the coin seems to have gone stale in the last few days | Source: BTCUSD on TradingView
Featured image by Mike Doherty on Unsplash.com, TradingView.com charts, CryptoQuant.com
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