Bitcoin Whales Have Made Large Selling Moves Recently

On-chain data shows the Bitcoin whale entities have sold approximately $588 million in the cryptocurrency during the past week.

Bitcoin price has stalled in its recovery attempt during the past few days, and a new analysis now shows that the large investors, known as the ‘Bitcoin whales,’ have been making large selling moves recently.

Bitcoin price has observed a strong bullish trend during the past few months, rising from lows of around $46,000 in early December to highs of nearly $62,000 by the middle of this month. However, since then, BTC has struggled to gain any further ground, and the past few days have seen the coin lose some of its gains.

Bitcoin price now trades around the $58,800 level, having observed lows of around $58,200 during the past 24 hours of price action. The world’s leading digital asset by market cap now appears to be forming a symmetrical triangle pattern on the lower time frames, and it’s closing in on the apex of this pattern.

Bitcoin price stalls in its recovery attempt from earlier this month, now trading around $58,800.

Bitcoin price now trades around the $58,800 level, having observed lows of around $58,200 during the past 24 hours of price action. The world’s leading digital asset by market cap now appears to be forming a symmetrical triangle pattern on the lower time frames, and it’s closing in on the apex of this pattern.

A sustained close outside the $59,000 – $59,530 range could trigger a 4.80% move for BTC, the analyst noted.

In some other news, on-chain data shows that the Bitcoin whales have sold around 10,000 BTC over the last seven days. This indicator of relevance here is the “Supply Distribution” from the on-chain analytics firm Santiment, which shows us the total amount of Bitcoin that a given wallet group currently holds.

The addresses or investors are divided into these cohorts based on the number of tokens that they are carrying in their balance right now. A holder with 5 BTC, for instance, is put inside the 1 to 10 coins group.

In the context of the current topic, the whale cohort is of interest, which typically includes the addresses holding between 1,000 and 10,000 coins. At the current exchange rate, this range converts to $58.8 million at the lower end and $588 million at the upper one.

Clearly, the investors belonging to the group would be among the largest in the market, so the cohort can be considered to have some influence. As such, the behavior of the whales can be worth keeping an eye on.

Now, here is a chart that shows the trend in the Supply Distribution for this Bitcoin group over the past few months:

Bitcoin Supply Distribution Chart by Santiment

As displayed in the above graph, the Bitcoin supply held by the whales has observed a significant decline recently. More specifically, the investors belonging to the cohort have removed a combined 10,000 BTC from their wallets during this selloff, worth about $588 million right now.

From the chart, it’s visible that the sharpest selling came during the crash that BTC saw earlier, but these whales have also offloaded significant amounts in the recovery rally that has occurred over the last few days.

So far, the Supply Distribution of the cohort has shown no signs of a reversal, so it’s possible that the whales are still in net selling mode. Naturally, this could slow down the asset’s recovery efforts.

Nothing is set in stone, though, so the indicator could be used to monitor the coming days to see which direction these humongous investors really take. A net accumulation spree would suggest a renewal of confidence among the large hands and could pave the way for a further rise in the Bitcoin price.