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.

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.