Are Bitcoin Whales Cashing Out After Bitcoin’s Recent Surge?

Recent blockchain data reveals that a segment of Bitcoin investors has started selling off assets to lock in profits following a recent price surge.

Crypto analyst Ali Martinez highlighted on Platform X that larger Bitcoin holders have become more active after the cryptocurrency surpassed $63,000. His claims are supported by data showing a considerable reduction in whale holdings, specifically among those with between 1,000 and 10,000 BTC.

#Bitcoin whales booked profits in the recent price upswing, selling over 30,000 $BTC in the past 96 hours, worth around $1.86 billion! pic.twitter.com/e1DRX4vACm

— Ali (@ali_charts) September 21, 2024

In just four days, these whales offloaded more than 30,000 BTC, worth about $1.86 billion, according to Santiment’s analysis. This selling spree came after a price rally driven by the U.S. Federal Reserve’s decision to cut interest rates.

Whales, defined as individuals or entities with substantial cryptocurrency holdings, often influence market movements due to the size of their transactions. Their actions, whether buying or selling, can cause sudden market fluctuations.

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Experts Signal Imminent Bitcoin Rally, Brushing Off Bear Market Concerns

In September, Bitcoin faced significant bearish pressure, dropping to $53,000. Although the Fed’s rate cut has sparked hopes of a price rebound, profit-taking by these large investors may slow down the recovery, as substantial sell-offs often trigger cautious behavior and increased market pressure.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.