Whales Sell Their Bitcoins! What is Happening in the Market?

The number of major Bitcoin addresses on the network has dropped to a three-month low, according to on-chain data provided by the Glassnode analytics service. The value is currently at September 2021 levels. For details, continue reading Kriptokoin.com.

Bitcoin whales sell their coins

The number of unique addresses holding 100 or more coins has dropped to October levels. This indicates that the majority of the market is no longer willing to participate in the asset’s countertrade and bear market.

The Number of Addresses Holding 100+ Coins in Bitcoin (BTC) has dropped to 15,923, the lowest level in 3 months. On January 22, 2022, the lowest level of the previous 3 months was 15,931.

While we are currently observing low levels of inflows into Bitcoin, the volume of USDT funds the exchange is currently receiving remains relatively high compared to when Bitcoin was trading close to $60,000. The metric tends to correlate almost exactly with the Bitcoin price, as the number of wallets holding the asset has been tied to its non-positive performance over the past few weeks.

Due to the increasing selling pressure on Bitcoin, the asset unfortunately fell further, causing another long position liquidation. In addition to Bitcoin, large-cap altcoins also fell further, losing 50% of their value. The leading crypto reached the price observed in July, when the first correction since the 2018 decline appeared in the market. At press time, Bitcoin was trading at $36,100 and has lost 14.15% of its value in the past 7 days.

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