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Bitcoin whales in deep distribution mode as 15k BTC return to exchanges Bitcoin whales in deep distribution mode as 15k BTC return to exchanges James Van Straten · 1 year ago
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Bitcoin whales in deep distribution mode as 15k BTC return to exchanges

Data via Glassnode

Bitcoin whales add to market uncertainty by progressively liquidating their holdings

James Van Straten / @jvs_btc / Aug. 2, 2023 at 5:00 pm UTC

Quick Take

Over the past six days, a substantial sell-off in the Bitcoin market has been observed, attributed predominantly to Bitcoin whales.

The red color on the below chart denotes transactions over $10M, indicating that these major holders are progressively liquidating their positions.

Netflow: (Source: Glassnode)
Netflow: (Source: Glassnode)

The influx of nearly 15,000 BTC back onto exchanges supports this observation. Furthermore, the accumulation trend score by cohort below confirms this trend, as Bitcoin whales appear to be in a deep distribution mode.

Accumulation by cohort: (Source: Glassnode)
Accumulation by cohort: (Source: Glassnode)
Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

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In this insight

Bitcoin BTC (24h)
$104,700.22 -2.39%
Vol: $77.9B MCap: $2.07T

Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.

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