• Bitcoin whales have begun to sell their holdings.
• The coin’s price has become less volatile in the past two weeks.

In a significant shift in market sentiment, Bitcoin [BTC] whales have initiated coin distribution, signaling an intention to secure profits amidst recent price consolidation. 

In a recent post on X (formerly Twitter), pseudonymous crypto analyst Ali Charts noted that over the past week, holders of 100 to 10,000 BTCs have collectively sold around 60,000 BTC, equivalent to about $2.22 billion at current market value.

#Bitcoin whales have been booking profits, selling
or redistributing around 60,000 $BTC over the past week, worth roughly $2.22 billion. pic.twitter.com/xmzHGXs5gu

— Ali (@ali_charts) November 13, 2023

The market has grown increasingly less volatile in the past few weeks 

When the market rally commenced in October, the significant surge in BTC’s value caused its price to be prone to swings. 

In a report dated 20th October, pseudonymous CryptoQuant analyst Mignolet found that BTC recorded a notable uptick in the spent outputs of its short-term holders (3-6 months) on 19th October as over 125,000 dormant BTC coins changed addresses on that day.

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Author: Abiodun Oladokun

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