Forex and Crypto News

Whales Selling Bitcoins at their Peak

17:52 23 March /2021

Santiment conducted research on the behavior of Bitcoin whales in February and March. As it turned out, large and small whales use different strategies. While small whales keeping from 100 to 1000 Bitcoins in their wallets accumulate Bitcoins, whales storing from 1000 to 10000 Bitcoins in their wallets, on the contrary, sell them.

In February and March, small whales purchased 353,000 BTC, while large whales sold approximately 300,000 BTC.

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Thus, small whales buy Bitcoins in the hope of an increase in the price of Bitcoin, and large whales sold cryptocurrency at the peak of the price, fixing their profits. As stated in the Santiment report, investors acquired about 7% of the total supply of Bitcoins just during the period when BTC capitalization reached $1 trillion. Accordingly, this category of traders will make every effort to prevent the negative return.

The Bitcoin market is in a consolidation stage this week. The BTC/USD pair dropped from $57700 to a low of $53000. However, at the time of publication, the BTC/USD pair is trading around $55670.

Despite the correction, many analysts are still optimistic. They see the $55000 level as an important support level for Bitcoin. The price is unlikely to drop below this level. And along with it, the capitalization of Bitcoin should not fall below $1 trillion.

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However, risks cannot be completely ruled out. The pressure may increase this week. An increase in volatility is expected this coming Friday, March 26, when the bitcoin options worth $5,7 billion expire. Turbulence usually returns to the market during such periods.

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