Today, the Bitcoin price reached $73,650, marking an all-time high. This situation indicates that the upward trend is continuing. With this increase, most BTC holders are currently making a profit. Large whales are also taking this opportunity to continue making some profit. So, what do all these developments mean?
Have Whales Started Selling Bitcoin?
A chart indicating that large Bitcoin whales have started selling their coins was shared by crypto analyst Ali Martinez. These large whales are individuals holding at least 1,000 BTC in their wallets. In terms of numbers, this means that these whales own at least $73 million worth of Bitcoin.
As can be seen from the chart, there is a decrease in the total amount of BTC in these large wallets. This suggests that they are selling their BTC. After the price reached an all-time high of $69,000 in 2021, these whales began to reduce the amount of Bitcoin they held. The sales started in February and continued into March. During this period, their total balances decreased, and the number of wallets holding more than 1,000 BTC also declined.
As of February, there were approximately 2,150 wallets holding more than 1,000 BTC. However, in March, as the whales reduced their balances to take profits during the rally, this number dropped to 2,040.
Impact of Whale Sales on BTC Price
Considering the presence of these large wallets, their decision to sell can have a significant impact on the BTC price. This stems from the fact that a large supply can be quickly introduced to the market, which could lead to a price drop if there is a lack of demand.
Whale sales can result in sudden drops while Bitcoin is reaching all-time highs. An example occurred on Tuesday, March 12, when the Bitcoin price reached $73,000 and then quickly fell to $68,000.
Therefore, whales liquidating their assets can have a negative impact on prices. However, BTC’s response to such sudden drops shows that there is enough demand to meet this supply. In the case of today’s example, the price quickly recovered, reaching an all-time high of $73,650.
As of the writing of this text, the BTC price continues to stay above $72,000, with a 10.49% increase over the last 7 days.
