Bitcoin Whales Are Selling: Balance Of Wallets Holding 10-100 BTC See Continued Decline
The post Bitcoin Whales Are Selling: Balance Of Wallets Holding 10-100 BTC See Continued Decline appeared on BitcoinEthereumNews.com.
After a period of heightened volatility due to a broader market crash, Bitcoin appears to be regaining an upside trajectory as prices continue to hold above the $102,000 mark. BTC may be demonstrating the potential for a notable rebound, but negative sentiment persists among large Bitcoin holders. Huge Sell-Offs Among 10-100 Bitcoin Holders While Bitcoin moves toward a positive direction again, 10-100 BTC holders are offloading their holdings at a huge scale. Axel Adler Jr, a technical expert and author, reported the worrying shift in investors’ sentiment in an X post, sparking uncertainty about BTC’s price sustainability. On-chain data shows that the balance of wallets containing 10-100 BTC has been steadily decreasing for nearly 2 years. This continued sell-off by this cohort might be viewed as profit-taking or strategic repositioning as BTC builds momentum for an upswing. In June 2023, the balance of these investors reached a peak of 3.2 million BTC. However, the volume has decreased significantly by over 600,000 BTC, bringing the balance to 2.6 million BTC. Meanwhile, the average volume for this group of whale investors is 3.15 million BTC. The expert highlighted that investors have been cashing out sums ranging from $1 million to $10 million since the downward trend. As a result, a considerable number of real millionaires have been generated in the market over the last 6 months. 10-100 BTC holders go on selling spree | Source: Axel Adler Jr on X Historically, large investors’ behavior tends to influence BTC’s price trajectory and stability. Even though Bitcoin is recovering slightly, a prolonged sell-off by these investors may hinder growing momentum, causing a pullback toward key support levels. During the recent decline caused by a larger market drop, the overall supply of BTC in loss has increased sharply. Axel Adler outlined that Bitcoin’s decline to…
Filed under: News - @ January 29, 2025 5:18 pm