100,000 BTC Sold or Redistributed by Whales in Past Two Days: Report


According to recent report, large Bitcoin whales have been stirring, moving massive amounts of BTC

Analyst Ali Martinez has taken to Twitter share some latest data On the amount of bitcoin dumped by mid and large sized whales.

Besides, he tweeted that Bitcoin miners keep capitulating. Martinez’s reports here are based on data provided by Santiment and IntoTheBlock.

Bitcoin whale redistributes/sells 100K BTC

The analyst shared that in the past 48 hours, whales who held between 1,000 and 10,000 bitcoin in their wallets have moved – that is, sold or redistributed – a staggering 100,000 BTC. This amount of crypto has been evaluated at $1,656,100,000.

Bitcoin, the flagship cryptocurrency, has been plunging over the past two weeks, following the collapse of FTX exchange and its co-founder and CEO Sam Bankman-Fried, who tried to bail out affiliate trading company Alameda Research using the funds of FTX customers as collateral.

He then filed for bankruptcy on behalf of the company, the exchange and himself. This struck a painful blow to bitcoin and the entire crypto space. BTC declined from the $20,000 level where it was building for further recovery, falling several times to the $15,800 region.

At press time, Bitcoin is changing hands at $16,551. Besides, the FTX insolvency has dented the situation with crypto exchanges, which had already been suffering from lack of trust, but now users have started withdrawing their funds from CEXes and DEXes en masse.

Ali in another tweet shared a bitcoin chart, indicating that BTC has hit a “durable supply wall” between the $16,600 and $17,060 levels. A massive 800,000 bitcoins were previously purchased by around 950,000 wallets at these levels.

Now, Bitcoin needs to overcome this resistance barrier in order to reach higher price levels, the analyst believes.

Bitcoin Miners Keep Dumping BTC

According to another tweet from Ali, miners continue to hard sell their bitcoins. Bitcoin miner reserves have hit a nearly one-year low of 1,853,425 BTC, according to a chart shared by him.

Earlier this week, U.Today reported that a “Bitcoin miner bloodbath” kicked off as miners started the most aggressive BTC sell-off in the past seven years.

Charles Edwards, founder of Capriole Investments, claims that unless the price of bitcoin goes higher soon, too many miners will be put out of business.


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