Bitcoin whales sell 140,000 Bitcoins this month


[Blockchain Today reporter Kim So-yeon] It is known that the whales who accumulated bitcoin this year have disposed of some bitcoin.

According to Cointelegraph reports, cryptocurrency data analytics firm Glassnode said that the bitcoin whales sold a significant amount of bitcoin in February.

A bitcoin whale refers to an investor who holds 1,000-10,000 bitcoins, and an investor who holds more than 10,000 is called a’humpback whale’. According to the report, these whale investors had sold more than 14% of their Bitcoin holdings by May 2021.

Whale and humpback whale investors started buying bitcoin in January. It bought 80,000 bitcoins, which is worth $3.84 billion at the current price.

In February, investors of whales and humpbacks reported significant profits. Since February, it has sold 140,000 bitcoins, equivalent to $6.72 billion.

Data show that trading activity between whales and small (but still wealthy) investors is inversely proportional. Glassnode’s’Dolphin’ and’Shark’ (investors holding 100 to 1,000) sold 95,000 Bitcoins ($4.56 billion) in January, and 117,000 ($5.610 billion) in February. He said he had bought.

“What’s particularly noteworthy,” Glassnode said, “is that dolphin/shark investors and whale/humpback whale investors have changed in quantity and shape.” “If the quantity of one group increases, the quantity of other investors decreases.”

‘Octopus’ and’fish’ (investors holding 10-100 pieces) showed a tendency to sell their own bitcoins from November 2020. It sold 128,000 units ($6.14 billion) in less than four months.

During a period of 20% rise in bitcoin prices, whale investors sold $156 million before the downtrend that began on February 22nd.

Concerns about further downtrends are unlikely to disappear, according to a study by the trading platform CrossTower. The reason is that the institution keeps the bitcoin purchase price above $50,000.