Monday, March 13, 2023

Record-breaking Bitcoin whale selloff, 280k BTC offloaded in 30 days

Whales, the largest holders of Bitcoin (BTC), have been selling the most BTC ever recorded on a 30-day basis. According to Glassnode on-chain statistics, these whales have offloaded a total of 280,000 BTC in the previous 30 days. Whales are believed to have around 9 million BTC, constituting a considerable part of the entire BTC supply.

These large holders of Bitcoin have a significant influence on the market, and such selling activity can impact the price of BTC. Reviewing the Trend Accumulation Score by Cohort metric, on-chain Glassnode data confirms the concentration of sell pressure has been coming from BTC whales.