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Bitcoin Whales Do $2.2 Billion Selloff, But BTC Stays Strong
On-chain data shows Bitcoin whales have sold $2.2 billion worth of BTC in the past week, but price has continued to hold strong so far.
Bitcoin Whales Have Distributed Around 50,000 BTC In Past Week
As pointed out by an analyst in a post on X, the BTC whales have been participating in some selling over the past week. The relevant indicator here is the “Supply Distribution” metric from the on-chain analytics firm Santiment, which tells us about the total amount of Bitcoin that the different investor groups are carrying in their combined wallets currently.
In the context of the current discussion, “whale” entities are of interest. These humongous investors are typically defined to be the addresses who carry between 1,000 to 10,000 BTC.
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