Big players in the Bitcoin market (Whales) have been selling off their Bitcoin holdings, amounting to a substantial $2.2 billion in the past week.
These significant investors, with wallets holding between 100 and 10,000 BTC, play a pivotal role in shaping the market due to the sheer volume of Bitcoin under their control.
A closer look at the chart tracking these major Bitcoin holders reveals a marked decrease in their balances, indicating a considerable sell-off.
Around 60,000 BTC was offloaded during this period. Notably, this significant sell-off coincided with Bitcoin’s price surpassing the $37,000 mark, suggesting that these major players seized the opportunity to capitalize on the recent price increase.
Despite this substantial sell-off, Bitcoin’s price has exhibited resilience, maintaining stability around the $37,000 range. While there was a momentary dip at the onset of the selling activity, the market swiftly recovered.
However, the absence of continued support from these whales raises questions about the potential for further upward movement.
Interestingly, the last time Bitcoin reached this price level, it was accompanied by substantial purchases from these major investors.
Presently, Bitcoin seems to be holding its ground in the $37,000 zone. The key question that looms is whether the market can sustain this stability or experience further growth without renewed participation from these influential Bitcoin holders.