Major Bitcoin Holders Liquidated $1.7 Billion Worth of BTC in Past Month: Study
Key Takeaways
- Major Bitcoin holders sold around $1.7 billion worth of BTC in the last 30 days.
- The selling pressure coincided with the recent market downturn.
- Whales and institutional investors were the primary sellers.
In-Depth Analysis
A recent study by the blockchain analytics firm Glassnode has revealed that major Bitcoin holders have liquidated a significant amount of their holdings in the past month. According to the study, whales and institutional investors sold around $1.7 billion worth of BTC, contributing to the recent market downturn.
The selling pressure began around the middle of March, when Bitcoin’s price was trading at around $48,000. Since then, the price of BTC has fallen by over 20%, reaching a low of $38,500 on April 19th.
The study found that the selling was primarily driven by whales, or individuals or entities that hold large amounts of Bitcoin. These whales typically hold more than 1,000 BTC and are believed to have a significant impact on the market. Institutional investors, such as hedge funds and asset managers, were also identified as major sellers.
The study’s findings suggest that the recent market downturn was primarily caused by selling pressure from major Bitcoin holders. This selling could have been motivated by a variety of factors, including:
- Uncertainty about the regulatory environment for Bitcoin
- Concerns about the sustainability of Bitcoin’s price rally
- Profit-taking by early investors
Conclusion
The liquidation of $1.7 billion worth of BTC by major holders has been a significant factor in the recent market downturn. While the market has shown signs of recovery in recent days, it remains to be seen whether the selling pressure will continue. If the whales and institutional investors continue to sell, the price of Bitcoin could fall further.
Kind regards S. de Vries.
