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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

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

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)

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