On-chain data shows that Bitcoin whale entities sold nearly $588 million worth of the cryptocurrency over the past week.
Bitcoin whales have been making big sell moves lately.
As analyst Ali Martinez points out in a new article, mail In X, Bitcoin whales have sold around 10,000 BTC over the past seven days. The relevant metric here is the “supply distribution” from on-chain analytics firm Santiment, which tells us the total amount of Bitcoin currently held by a given wallet group.
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Addresses or investors are divided into these pools based on the number of tokens they currently hold in their balance. For example, a holder of 5 BTC would be placed into pool 1 to 10 coins.
In the context of the current topic, the whale group is of interest, which typically includes addresses holding between 1,000 and 10,000 coins. At the current exchange rate, this range translates to $58.8 million at the low end and $588 million at the high end.
Obviously, the investors belonging to the group will be among the largest investors in the market, and thus the group can be considered to have some influence. As such, the behavior of the whales is worth monitoring.
Now, here is a chart showing the trend in the supply distribution of this Bitcoin pool over the past few months:
As shown in the chart above, the supply of Bitcoin held by whales has seen a significant decline recently. More specifically, investors belonging to the group withdrew a total of 10,000 Bitcoin from their wallets during this sale, worth roughly $588 million at the moment.
From the chart, it is clear that the most severe selling came during the earlier BTC crash, but these whales also dumped significant amounts in the recovery rally that has occurred over the past few days.
So far, the group’s supply distribution has shown no signs of reversing, so it’s likely that whales are still in a net-sell position. Naturally, this could slow down the asset’s recovery efforts.
But nothing is set in stone, so the indicator can be used to monitor the coming days to see which direction these giant investors will really take. A wave of net accumulation would indicate renewed confidence among large investors and could pave the way for further Bitcoin price appreciation.
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In other news, BTC has been forming a symmetrical triangle pattern recently and is approaching its peak, as analyst X explained. mail.
“Bitcoin is forming a symmetrical triangle on the lower timeframes. A sustained close outside the $59,000-$59,530 range could lead to a 4.80% move for Bitcoin,” Martinez notes.
Bitcoin price
Bitcoin has struggled to gather bullish momentum over the past few days as its price dropped to $58,800.
Featured image by Dall-E, Santiment.net, charts by TradingView.com
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