• The number of BTC addresses holding 1k-10k BTC dropped over the last three months.
• Market indicators and metrics remained bullish, hinting at a continued price rise. 

Bitcoin [BTC] bulls have remained dominant in the market over the last seven days. However, while BTC’s price gained upward momentum, whales chose to sell off a substantial portion of their holdings.

Does this mean BTC will fall victim to a price correction soon? 

Bitcoin whales are selling

CoinMarketCap’s data revealed that BTC’s price surged by over 6% in the last seven days. In fact, in the last 24 hours alone, the king of cryptos witnessed a more than 4% value hike.

At the time of writing, BTC was trading at $61,298.02 with a market capitalization of over $1.2 trillion.

AMBCrypto found that while BTC’s price moved up, the big pocketed players in the crypto space chose to sell their BTC holdings.

Our analysis of Santiment’s data revealed that the number of BTC addresses holding 1k-10k BTC dropped drastically over the last three months. 

Ali, a popular crypto analyst, recently posted a tweet highlighting the same story.

As per the tweet, some of the largest Bitcoin whales have offloaded over 10,000 BTC in the past week, valued at approximately $600 million.

This suggested that BTC whales were lacking confidence in the coin and were expecting its price to drop in the coming days. 

Will BTC’s price get affected?

Though whales were selling, buying sentiment was overall dominant in the market. AMBCrypto Go to Source to See Full Article
Author: Dipayan Mitra

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