The crypto sector has recently experienced a staggering shift in the ownership of Bitcoin ($BTC) on a large scale. As per the data from Satoshi Club, the Bitcoin whales have been offloading huge amounts of $BTC as their holdings have reached significant lows. The crypto news & media platform took to its official X account to provide insights into the current decline in whale $BTC holdings.
Bitcoin Whales Keep Engaging in Profit-Taking as $BTC Holdings Reach Bottom Since 2019
As per Satoshi Club, the crypto whales possessing more than 1,000 $BTC are experiencing a noteworthy dip in their Bitcoin holdings. Since the year 2019, these whales have reportedly been offloading their holdings at a fast pace. As a result of this, the cumulative $BTC holdings have reached their lowest spot since then. Since July last year, whale addresses have shifted more than 500,000 $BTC out of the wallets thereof. This figure accounts for a value of up to $43B.
This massive selling pressure takes place irrespective of the current demand from $BTC ETFs. These exchange-traded funds have collected more than 1M $BTC. Nonetheless, the inflows into the ETFs have not been enough to counterbalance the swift sell-offs by long-term Bitcoin holders. These whales have been engaging in profit-taking activity amid Bitcoin’s rise to historic price heights. Even then, during this profit-taking period, the ETF inflows have added liquidity to the Bitcoin market. This made it convenient for whales to quit without enormously affecting prices.
ETF Inflows Continuously Absorb Selling Pressure
According to Satoshi Club, irrespective of the whale $BTC sell-offs, the price of the top crypto asset has maintained its robustness. This highlights a resilient underlying demand for Bitcoin. Nevertheless, if the selling pressure remains persistent, it could influence the price trajectory in short term. Keeping this in view, the investors are closely observing if the inflows in the ETF market can keep absorbing the selling pressure.
