![Bitcoin whales in deep distribution mode as 15k BTC return to exchanges](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2023/08/insights-bitcoin-transfer.jpg&w=70&h=37&q=75)
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)](https://cryptoslate.com/wp-content/uploads/2023/08/exchange.png)
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)](https://cryptoslate.com/wp-content/uploads/2023/08/co.png)